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

Pump.fun users in the UK have been blocked from accessing its Solana coin launchpad.

Following a warning from the UK’s Financial Conduct Authority, Pump.fun is updating its terms of service to exclude UK users, a pop-up on the website shows. A notice from the FCA date On December 3, it was previously stated that Pump.fun “may provide or promote financial services or products” without permission from authorities.

Under UK regulations, all crypto businesses and digital asset service providers must obtain approval from the FCA before operating in the region. Since 2020, 347 Web3 startups have applied for registration with the FCA, but only 47 companies had been approved as of June 2024, a success rate of 14%.

Pump.fun controversy

The disabling of support for UK users has piled up during a turbulent period for Solana (GROUND) token issuance protocol.

Pump.fun has added live streams to its meme launchpad, hoping to expand content distribution options for creators and developers. Widespread abuse of the feature and borderline illegal activity on feeds cascading in community reaction and calls for stricter content moderation. Pump.fun has disabled live streaming as a control engulfed its platform.

Platforms that accelerate token issuance have risen with the Solana coin mania, which has spread to other blockchains like Tron (TRX) and The Open Network on Telegram. Protocols like Blum launched meme launchpads on TON, and Tron founder Justin Sun announced SunPump as Pump.fun competitor.