DEFI

DeFi Regulatory Alert? Solana's largest decentralized exchange "Orca" bans US users from trading

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DeFi Regulatory Alert? Solana

According to a report by CoinDesk, Orca, the largest decentralized exchange (Dex) on Solana, will start prohibiting U.S. users from trading tokens through the Orca front-end website from 3/31. Orca officials did not provide an explanation for this action, only stating on the website that the U.S. will be added to the list of restricted regions and countries for trading on Orca.

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According to a report by CoinDesk, the largest decentralized exchange Dex on Solana, Orca, will start blocking U.S. users from trading tokens through the Orca front-end website starting on 3/31. The Orca team has not provided an explanation for this action, only stating on their website that the U.S. will be added to the list of restricted regions and countries for trading on Orca.

Orca will add the U.S. to the list of restricted regions and countries for trading on orca.so starting March 31, 2023. This will not affect the ability of U.S. users to interact directly with Orca's smart contracts or SDK, nor will it affect their ability to provide liquidity through orca.so.

However, despite users not being able to use the web front-end, they can still interact directly with smart contracts and protocols. Additionally, as Orca's trading is heavily reliant on the trading aggregator Jupiter, CoinDesk believes this may slightly mitigate the loss of trading volume for Orca.

According to data from DeFillama, Orca's trading volume in the past week was $280 million, more than double that of the second-place Serum.