Leading Solana DEX to Impose Trading Restrictions for US Users
Due to regulatory uncertainty, one of the leading decentralized exchanges (DEX) built on Solana (SOL) plans to prohibit US customers from trading on its platform.
Orca, the leading decentralized exchange (DEX) on Solana (SOL) blockchain, has announced that it will be imposing restrictions on American traders from March 31, 2023.
The reason for this change in policy has not been disclosed.
However, it’s worth noting that the new restriction will not affect the ability of US users to interact with Orca’s smart contract or software development kit (SDK), nor will it hinder their ability to provide liquidity through Orca.
As per DefiLlama, Orca is presently the leading DEX on Solana with $47.5 million in TVL, followed by Raydium (RAY) with $37.45 million in TVL.
READ MORE: SVB Financial Group Files for Bankruptcy as Bitcoin Soars 40% in a Week
TVL is a metric used to represent the total capital held within a blockchain’s smart contracts.
Orca’s native governance token, ORCA, is currently trading at $0.776, and its market cap ranks 783rd, with an increase of almost 0.4% in the past 24 hours and more than 4.5% in the past week.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
