In a surprising development for users, Pump.Fun has officially been banned in the UK. Indeed, users in the region have received a “restricted jurisdiction” message when they attempt to access the meme coin marketplace
The restriction occurs as the UK continues to develop its approach to the cryptocurrency sector. Earlier this week, the country’s financial regulator warned the marketplace that it was “operating without permission.” There has been no update on whether the ban is temporary or permanent.
JUST IN: UK restricts access to Pump․Fun pic.twitter.com/zMl5JDG1YU
— Watcher.Guru (@WatcherGuru) December 6, 2024
Also Read: Solana Meme Coin Platform Pump.Fun Removes Stream Feature
UK Regulator Bans Access to Solana’s Pump.Fun
In a surprising move for users, the UK has restricted access to Solana’s Pump.Fun platform. Indeed, the region had banned the use of the platform due to “laws and regulations.” Arriving earlier this year, had surged in popularity within the crypto industry.
Just three days ago, the platform received a warning from the UK Financial Conduct Authority. Specifically, they noted that the marketplace was “providing or promoting financial services or products without our permission.” Moreover, reports have confirmed that the block had been on the horizon, according to insiders.
Source – Bitcoinist
Also Read: UK to Regulate Cryptocurrency Market by 2026
Developed in the UK, Pump.Fun has been surging since first arriving earlier this year. It has been a launching pad for a meme coin sector that has skyrocketed in value this year. Specifically, tokens like PNUT and WIF have grown massively after being created on the platform. Since its debut, it has generated more than $250 million from users.
There hasn’t been an update on how long the ban could last. Yet, it does provide even more reasons why crypto regulation is so important. The UK has placed an emphasis on developing those standards. They have stated that legislation should be present by 2026.
