Pump.fun is a memecoin generation site that has been warned by the UK’s Financial Conduct Authority (FCA) that it is not permitted to function in the nation. The platform “may be providing or promoting financial services or products without our permission” in the UK, based on the warning, which was released on December 3.
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Customers who deal with Pump.fun can’t access consumer safeguards like the Financial Ombudsman Service or the Financial Services Compensation Scheme, the FCA stated.
The platform states that its services are not available to customers in countries designated as high-risk or sanctioned by the United States, the United Kingdom, the European Union, or the United Nations. Russia, Syria, North Korea, Iran, and Cuba are among the nations that are barred.
Pump.fun is a decentralized platform built on the Solana blockchain, that lets users develop and publish their tokens—mostly meme coins—without technical know-how. Since its January 2024 launch, it has become well-known for its easy and affordable token production method.
Users on Pump.fun’s Telegram help channel claims that the platform isn’t accessible in the UK at the moment. Unfazed by the ban, some users even offered tips to circumvent the regulator’s restrictions, like accessing the platform through virtual private networks (VPNs). The FCA has already issued similar warnings against bitcoin firms.
The financial watchdog added more than 140 digital asset companies, including well-known exchanges like Huobi and KuCoin, to its list of non-authorized enterprises in October 2023, citing a lack of regulatory approval to operate in the local market. The UK is developing a regulatory framework for digital assets to establish clear guidelines for the industry. It is expected that regulations will be introduced by
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