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

Pump.fun users in the United Kingdom have been barred from accessing its Solana meme coin launchpad.

Following a warning from the U.K. Financial Conduct Authority, Pump.fun updates its terms of service to exclude British users, as seen via a website popup. An FCA notice dated Dec. 3 previously stated that Pump.fun “may be providing or promoting financial services or products” without permission from authorities.

Under U.K. regulations, all crypto businesses and digital asset service providers must secure FCA approval before operating in the region. Since 2020, 347 web3 startups have applied for registration with the FCA, but only 47 firms had been approved by June 2024, reflecting a 14% success rate.

Pump.fun controversy

Deactivating support for U.K. users piled upon a turbulent period for the Solana (SOL) token issuance protocol.

Pump.fun added live streams to its meme launch pad, hoping to expand content distribution options for creators and developers.  Rampant abuse of the feature and borderline illegal activities on streams cascaded into community backlash and calls for stricter content moderation. Pump.fun disabled live streaming as scrutiny engulfed its platform.

Platforms that fast-track token issuance increased with the Solana meme coin mania, which spread into other blockchains like Tron (TRX) and The Open Network on Telegram. Protocols like Blum debuted meme launch pads on TON, and Tron founder Justin Sun announced SunPump as a Pump.fun competitor.