Solana-based meme coin platform, Pump.fun is now officially banned in the United Kingdom after it became a hotbed for controversies, including a live stream feature.
They really want to take down pump fun ah? pic.twitter.com/5otbxObc87
— Pump Fun Scanner (@PumpFunScanner) December 6, 2024
The geoblocking measure comes after a statement from the UK Financial Conduct Authority (FCA) earlier this week, which accused Pump.fun of potentially providing or promoting financial services or products without regulatory approval.
???????????? BREAKING: UK BANS PUMPFUN
The UK’s Financial Conduct Authority (FCA), like the SEC in the US, has banned Pump Fun, a cryptocurrency trading platform that encouraged users to buy coins during coordinated “pumps” to inflate prices artificially.
Pump Fun’s business model… pic.twitter.com/38zpICvBP8
— Mario Nawfal (@MarioNawfal) December 6, 2024
As per the local source, when a person within the UK territory tries to access the Pump.Fun’s official website, that they received a warning.
“Our systems have identified that you are in the United Kingdom. In accordance with the laws and regulations of the United Kingdom, this site is currently unavailable to users in the United Kingdom. If you have coins deposited in the private wallet, please follow this link to withdraw them.
Since its launch earlier this year, Pump.fun has emerged as a leading platform for creating meme coins on the Solana blockchain. It has been the starting point for high-profile memecoins such as PNUT and WIF, collectively accumulating multibillion-dollar valuations.
Also Read: Pump.Fun Revenue Drops 33% Amid Live-streaming Controversy