Meme coin deployer Pump.fun has restricted site access to UK users, citing a regulatory roadblock amidst a scam flag from the UK’s top market watchdog.
Pump.fun again attracted the crypto community’s attention for adverse reasons earlier in the week. This time, the UK’s top financial regulator flagged the meme coin deployer as a fraudulent firm operating without permission.
In a December 3 update, the United Kingdom’s Financial Conduct Authority (FCA) announced that Solana-based Pump.fun is operating illegally in the country. On this premise, the agency issued a stop-and-desist warrant to UK crypto traders using the protocol.
Pump.fun Now Inaccessible to UK Users
Notably, the FCA stated that it does not authorize Pump.fun’s existence in the UK, insisting it is targeting users in the country. As a result, it urged residents to desist from using it and inferred that continued utility would mean UK financial laws do not protect them.
Meanwhile, Pump.fun has restricted UK users from accessing its platform. Although the firm has not officially confirmed the move, multiple sources disclosed that users with UK IPs cannot access the meme coin deployer’s protocol at the time of writing.
The recent development comes shortly after similar moves occurred in other jurisdictions. Pump.fun stated in its terms of service that certain countries, including Cuba, Iran, Syria, North Korea, and Russia, cannot use the protocol due to prohibitions by the UK, US, and European Union.
The Pump.fun Controversy Drags On
Notably, the Solana-based protocol has recently been in the midst of growing controversies. Speculations made the rounds earlier last week about the heightened explicit content users of the protocol display to promote their tokens.
The latest development drew criticisms from the crypto community, with many users indicating that the Pump.fun craze has reached inhuman levels. Notably, the protocol temporarily halted its livestream feature in an attempt to manage the issue.
Notwithstanding, Pump.fun remains one of the fastest-growing crypto innovations. The platform became the fastest crypto protocol to cross $100 million in fee revenue, achieving the milestone in a record 217 days.
Data from Dune shows that Pump.fun has now generated $291 million since March 1, signaling heightened user traction toward the platform. Notably, Pump.fun has repeatedly cashed in some profits, liquidating 40,000 SOL ($6.25 million then) in its latest sales.
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