Solana based Pump Fun banned in the United Kingdom

Pump.fun, a meme coin-focused platform and key player in Solana's rise, blocked access to U.K. cryptocurrency traders on Friday, citing "laws and regulations" as the reason.

UK regulator bans access to Solana's Pump.fun

Users may be surprised to learn that Pump.Fun has been formally banned in the UK. In fact, when users in the area try to access the meme coin marketplace, they get a "restricted jurisdiction" message. Regarding the duration of the ban, there has been no update. 

The Financial Conduct Authority, the country's primary financial regulator, issued a warning three days prior to the geoblock. The country's financial watchdog cautioned the market earlier this week that it was "operating without permission." 

Immediately after the ban, memecoin traders tried to profit by making humorous cryptocurrencies that made fun of the news. At the time of publication, none of the assets had been removed. 

Pump.fun has emerged as the de facto launchpad for memecoins on the Solana blockchain since its launch earlier this year. It gave rise to multibillion-dollar hits like WIF and PNUT. It brought in more than $250 million for its creators, who built the app in the United Kingdom. On November 24, Pump.fun reached a remarkable milestone by bringing in $5.31 million in revenue daily.

Pump.fun suspends live streaming

Pump.fun announced on Monday, 25th November, that it had suspended its live-streaming feature indefinitely. Following concerning reports of abusive content being shared on the platform, including instances of child abuse, bestiality, and suicidal threats, the decision was made. 

The project team highlighted their dedication to user safety in a community notice published on Monday, outlining the reasoning behind their action. The live-streaming feature was developed to assist users in promoting their meme coins when it was first launched earlier this year. However, the platform had to take immediate action to safeguard its community due to some users abusing the feature for "heinous" purposes. 

Disclaimer

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