The Solana meme coin launchpad on Pump.fun has been banned for users in the United Kingdom as the Financial Conduct Authority issued a warning to the company. In response, Pump.fun updated its terms of service to exclude British users, as indicated by a website popup.
The FCA had previously warned that Pump.fun may be offering or promoting unauthorized financial services or products.
This follows UK regulations that require all crypto businesses and digital asset service providers to obtain FCA approval in order to operate in the region. Despite a high number of applications, only a small percentage of companies have been approved since 2020.
The decision to deactivate support for UK users adds to the challenges faced by the Solana token issuance protocol, which has been in turmoil due to issues with live streaming on Pump.fun.
The addition of live streams was intended to provide more content distribution options for creators and developers, but it resulted in widespread abuse and calls for stricter moderation. As a result, Pump.fun has disabled live streaming on its platform.
