EddieJayonCrypto
7 Dec 24
The Solana meme coin launchpad Pump.fun is no longer available for use in the United Kingdom, following a warning from the country's financial regulator. The site's creators have taken action, restricting access for UK users in accordance with UK laws and regulations. The Financial Conduct Authority...
Solana's meme coin launchpad Pump.fun has been banned in the United Kingdom following a warning from the financial regulator. This decision impacts the creation and trading of Solana tokens without coding experience for UK users.
Pump.fun's exclusion of UK users is considered permanent and not forced by regulators. Despite legal and ethical concerns, the platform accounted for 62% of Solana transactions in November, raising questions about its legal future as a UK-registered company with employees in London.
The platform has been involved in various controversies, including incidents involving livestreaming, ethical violations, and legal issues. Pump.fun co-founder, Alon, confirmed the permanent UK user ban, emphasizing that it was a decision made by the platform and not due to external pressure.
The UK Financial Conduct Authority (FCA) issued a warning against Pump.fun, suggesting that the firm may be providing or promoting financial services without permission. Crypto lawyer Preston Byrne highlighted the platform's lack of content moderation and legal policies, potentially placing the UK-based founding team in a vulnerable position.