Jurisdictions
Where Fyber's reference interface is available, where it is not, why the European Economic Area is not blocked, and why the restriction is enforced off-chain only.
The restrictions below are inherited from the issuer of the collateral. Fyber does not invent a list; it applies the one that already governs the instrument you would be depositing.
Restricted
Hard block — the reference interface refuses access:
| Jurisdiction | Basis |
|---|---|
| United States | Regulation S; the certificates are not registered under the Securities Act of 1933 |
| United Kingdom | Section 21 of the Financial Services and Markets Act 2000 |
| Canada | Issuer restriction |
| Switzerland | Issuer restriction |
Prohibited Investors, as listed by the collateral issuer: Cuba, Belarus, Iran, North Korea, Russia, Syria, Ukraine, South Sudan, Sudan, Myanmar, Venezuela. The issuer states this list is subject to change.
Sanctions. Any jurisdiction, entity or person subject to comprehensive sanctions administered by OFAC, the European Union, the United Nations or HM Treasury.
Rules R-15.4.1 (6), R-15.4.3
Not restricted
The European Economic Area is not blocked. The certificates' base prospectus is approved by the Liechtenstein FMA and passported into thirty EEA jurisdictions, where the offer is authorised: Liechtenstein, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the Netherlands.
An earlier internal position recommended blocking the EU as a precaution. It rested on a mistaken reading of the collateral's legal nature and has been withdrawn. The United Arab Emirates does not appear on the issuer's list either.
VPNs and evasion
Risk
Using a VPN, Tor, a proxy or any other means to conceal your location in order to access the interface from a restricted jurisdiction is a breach of the terms of use. It does not create a right to use the protocol and it does not shift any consequence onto anyone else. The chain's own operator terms separately prohibit VPN use.
Rule R-15.4.1 (6)
How the block works
The reference interface applies, and documents:
- IP-based geolocation.
- VPN, proxy and Tor detection.
- An attestation you accept before your first transaction.
- On-chain address screening against sanctions lists.
- A traced periodic review of all of the above.
The standard here is one of result, not effort. A regulator has found that blocking US IP addresses was insufficient because it did not actually block US users; another has penalised a front end for leaving a product accessible through its interface. Imperfect blocking does not protect, and no blocking exposes. The only defensible position is a block that works and can be shown to have worked.
Rule R-15.4.3
Why there is no on-chain block
Guarantee
Fyber contains no address blocklist, no jurisdiction check, no freeze function and no mechanism by which anyone can prevent a specific address from repaying, withdrawing, claiming or exiting. There never will be, because adding one would require a list maintained by an identifiable person — and control by an identifiable person is precisely what the protocol's legal position depends on not existing.
Rules R-12.8.1, R-12.2.3
This is a real trade-off, not a convenience. The geo-block lives entirely in the front end. Anyone can call the contracts directly, and nothing in the code stops them. The protocol's answer to that is that it makes no offer, solicits nobody, and operates no interface.
No directed marketing
Nothing that would neutralise a geo-block is permitted: local-language campaigns, affiliates, sponsorships, retargeting, or untargeted posting in the language of a restricted jurisdiction. This is the point on which advisers converge and it costs more to get wrong than any line of code.
Rule R-15.4.2
Product-by-country, not just country
The 2026 practice is a matrix of product against country rather than a single blacklist. Retail lending is restricted in some jurisdictions where the collateral is not; derivatives are restricted in others. Fyber's current product — an over-collateralised loan against a security, with no exposure to the basket's performance for the stablecoin holder — is what has been assessed. If a leverage product were ever added, the matrix would change and this page with it.
Risk
This page describes where the interface is made available. It is not advice about whether using the protocol is lawful for you personally, under your own local rules, given your own status. Not being on the list above does not mean you are permitted; it means the collateral issuer has not excluded your jurisdiction. Take your own advice.
Related
- Nature of the collateral — what the restrictions attach to
- Terms of Service — the clauses that follow from this page
- Disclaimers — the twelve statements you accept before your first transaction
Last reviewed: 2026-09-07 · Spec v0.4