The British Financial Conduct Authority (FCA) recently raised alarms regarding the operations of Pump.fun, a platform notorious for launching memecoins on the Solana blockchain.
Access Denied
As of Friday, Pump.fun has barred cryptocurrency traders in the U.K. from accessing its services, citing a need to comply with current legal and regulatory standards.
This decision is a direct response to the FCA’s warning that Pump.fun may be engaging in activities without the necessary authorization to provide financial services or products in the country.
While a co-founder of Pump.fun confirmed this blockade, no additional comments were supplied regarding the matter.
Memecoin Popularity
Launched earlier this year, Pump.fun has quickly become a significant player in the memecoin space, facilitating the debut of several notable projects with valuations soaring into the billions—think PNUT and WIF.
The founders, who conceived the platform in the U.K., have reportedly earned over $250 million from its ventures.
Community Reaction
In the wake of the access restrictions, memecoin fans took to creating playful cryptocurrencies intended to poke fun at the situation.
Unfortunately, these attempts did not succeed in generating any substantial interest at the time of this report.
Source: Coindesk
