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Pump.fun bans UK citizens from accessing services
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Pump.fun, Solana’s largest “memecoin factory”, cut access to UK cryptocurrency traders this Friday (6). According to the platform team, UK “laws and regulations” made the ban necessary.
Launched in 2024, Pump.fun led the success that Solana had in the memecoin sector by enabling the launch of several projects. Anyone can launch a memecoin on Solana and traders can trade the tokens freely. Tokens like Cats in a new world (MEW) appeared on Pump.fun and soon gained immediate success.
However, The great success of the platform caught the attention of the Financial Conduct Authority (FCA)who set his sights on Pump.fun. With its uncontrolled success, the FCA decided to act and led Pump.fun to ban access.
Geo-blocking means that anyone accessing Pump.fun via an IP address located in the UK will be unable to do so. When trying, the platform displays a blocking message created by the FCA – however, Brits can still access the platform via VPN.
Restriction in the UK
This ban comes three days after the FCA warned that the platform “may be providing or promoting financial services or products without our permission”. The regulator mentioned the memecoin trading service, which the FCA understands it as a sale of assets that requires a license.
One of Pump.fun’s founders confirmed that a lockdown had come into effect, but declined to comment further. Furthermore, UK internet users have already commented that they are unable to access the platform.
Since debuting earlier this year, Pump.fun has become the de facto launchpad for memecoins on the Solana blockchain. It has spawned multi-billion dollar hits, including tokens like PNUT and WIF.
Along the way, generated more than US$250 million for its founderswho developed the app in the United Kingdom. However, Pump.fun also served to create tokens that served as scams, with one of these tokens causing more than US$30 million in losses.
In May, the platform suffered an attack that would cause losses of US$2 million to its users. But still, Most of the projects that appeared on the platform were not intended to apply crimes.
Memecoin traders immediately tried to capitalize on the ban by creating joke cryptocurrencies that mocked the news. One of these tokens ridiculed the FCA, but none of them were successful until this article was written.
Pump.fun bans UK citizens from accessing services
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Pump.fun bans UK citizens from accessing services
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Pump.fun bans UK citizens from accessing services
