Pump.fun, the Solana blockchain-based meme coin launchpad, has restricted access for UK users. This decision, announced on Friday, follows increasing regulatory pressures and warnings from the Financial Conduct Authority (FCA). 

The FCA recently cautioned that Pump.fun might be operating without proper authorization.

FCA Continues to Probe Unregistered Crypto Platforms

Since its launch earlier this year, Pump.fun has seen some notable success with tokens like PNUT and WIF. These projects are currently among the largest meme coins, and the platform’s developers have reportedly earned $250 million. 

However, the platform’s initial financial success is now fading, and regulators and community members are scrutinizing it. On December 3, the UK’s FCA released a statement announcing that the platform is unauthorized to target UK users.

Also, the regulator cautioned that if users continue to access Pump.fun, they would not be protected by the FCA’s compensation scheme. Following this warning, the platform has restricted all services in the UK. The website itself cannot be accessed in the country starting Friday.

This isn’t the first time that the FCA’s warning has led to crypto companies halting their services in the UK. Last year, Binance stopped onboarding new users after canceling registration with the regulator. 

Meanwhile, the FCA has been trying to bring regulatory clarity into the country’s crypto industry. In November, the agency announced that it would finalize crypto regulations by 2026, with a major focus on Go to Source to See Full Article
Author: Mohammad Shahid