- Pump.fun has restricted access to UK users following new Financial Conduct Authority (FCA) regulations
- The platform cites compliance with the FCA’s crypto marketing rules as the primary reason for this decision
- UK traders have criticized the sudden ban, highlighting the growing tension between crypto platforms and regulators
Popular Solana memecoin launchpad Pump.fun has banned UK users from its platform after the country’s financial regulator, the Financial Conduct Authority (FCA), warned citizens about using the site. The controversial site, which recently pulled its livestreaming service, responded to the FCA’s warning that Pump.fun was not authorized to offer its services to Brits and that it “may be targeting people in the UK.” As a result, UK visitors are now greeted with a notice that the site is not available to them.
Stricter FCA Rules Force Compliance
The Financial Conduct Authority (FCA) enforced stringent measures for crypto platforms in 2023, requiring them to meet enhanced transparency and consumer protection standards. No entity is allowed to serve the UK without registering, and Pump.fun was added to its blacklist last week:
As a result, Pump.fun has announced that it can no longer serve UK users without risking non-compliance. A company spokesperson stated, “We respect regulatory guidance, but this decision was not made lightly. Ensuring compliance comes first, even if it means temporarily restricting services to key markets.” This announcement follows the FCA’s increasing scrutiny over crypto advertisements and platforms promoting high-risk assets.
The FCA’s stance is typical of its recent crackdown, although it has very little power to impact foreign entities. Nevertheless, Pump.fun has decided to play ball, with the following message greeting UK users:
Responses ranged from criticism of the FCA for blocking access to Pump.fun for not registering with the authority; however, without the latter, the former was inevitable, and Pump.fun is never going to have the requisite controls in place to satisfy the FCA.
All this means that Pump.fun is almost certainly permanently banned for UK users. In a totally unrelated piece of news, many VPN services have Christmas deals on.
Just saying.
