Solala’s Pump.fun bans UK users after FCA warning

Pump.fun users in the UK have been banned from accessing the Solana meme coin launchpad.

Following a warning from the UK Financial Conduct Authority, Pump.fun has updated its terms of service to exclude UK users, as seen in a website pop-up. The FCA notification dated December 3 had previously stated that Pump.fun “may provide or promote financial services or products” without the consent of the authorities.

Under UK regulations, all crypto businesses and digital asset service providers must obtain FCA approval before operating in the region. Since 2020, 347 web3 startups have applied to register with the FCA, but as of June 2024, only 47 firms have been approved, reflecting a success rate of 14%.

Pump.fun controversy

Disabling support for UK users after a turbulent period for the Solana (SOL) token issuance protocol.

Pump.fun has added livestreams to its meme launchpad, hoping to expand content distribution options for creators and developers. Widespread abuse of the feature and borderline illegal activity on streams has led to community backlash and calls for stricter content moderation. Pump.fun has disabled live streaming due to reviews on the platform.

Platforms accelerating token issuance have increased with the Solana meme coin craze spreading to other blockchains like Tron (TRX) and The Open Network on Telegram. Protocols like Blum have launched meme launchers on TON, and Tron founder Justin Sun has announced SunPump as a rival to Pump.fun.