Orca, a Solana-oriented decentralised exchange (DEX), will prevent all United States users from trading through its web interface starting from March 31, 2023, as stated by Cointelegraph.
According to Cointelegraph, Orca conducted over $634 million worth trading volume in February, 2023, and has over $46 million total value locked in Solana smart contracts. “Orca will be adding the United States to the regions and countries which are restricted from trading on orca.so effective March 31, 2023,” the protocol’s website mentioned.
Based on information by Cointelegraph, the notification highlighted that the change “will not impact the ability of US users to directly interact with Orca’s smart contract or SDK, nor will it impact their ability to provide liquidity through orca.so.” Reportedly, Americans will not face implications of the change upon direct connection with Orca smart contracts.
Moreover, Cointelegraph noted that centralised crypto exchanges which don’t have a US-based licence have blocked American users but majority of decentralised exchanges haven’t complied with it, except for certain platforms. With regard to centralised exchanges, DEXs don’t carry a centralised “back end” or database controlled by the developer.
(With insights from Cointelegraph)