Solana meme coin launchpad Pump.fun is no longer available for use in the United Kingdom, with the site's creators taking action following a warning from the country's financial regulator. Pseudonymous co-founder Alon You can tell them by clicking on the link Decrypt This is a permanent measure and only affects the UK.
The following is a breakdown of the. Website noticeThis move was made to restrict the UK from using Pump.fun. Users can create Solana tokens without coding skills and then trade them. This was a deliberate move. “in accordance with the laws and regulations of the United Kingdom,” “The notice further notes that “this site is currently unavailable to users in the United Kingdom.”
The UK ban comes just three days after the UK Financial Conduct Authority warned against launchpad.
PUMP FUN BANNED IN THE UNITED KINGDOM: WEBSITE pic.twitter.com/qk8YuuNMcQ
— Aggr News (@AggrNews) December 6, 2024
“This firm may be providing or promoting financial services or products without our permission,” The following are some of the ways to get in touch with us. FCA website reads. “You should avoid dealing with this firm and beware of scams.”
FCA has declined to comment further. Decrypt. Alon has confirmed that Decrypt Pump.fun took the decision, not the platform.
“Everything that has to be said is on the site,” Alon said Decrypt. “This is permanent.”
The launch of Pump.fun in January has resulted in a number of controversies. A user of the platform was caught on camera in May. Set yourself on Fire, while livestreaming on Kick, to promote his meme coin—which Pump.fun responded to by adding streaming as a native feature for creators.
Next, in October. The site Pump.fun contains material containing child sexual abuse. The moderation team failed to catch it. Recently, livestream meta was brought back with A faked suicide, a beheading, and threats against animal life. The livestreaming function was removed from the website.
The company’s legal and ethical standing is also questionable. Solana reported 62% of its transactions to be Pump.fun According to data collected from the on-chain, November was a record month for sales. Dune.
A disgruntled former employee drained protocol of two million dollars before the meme coin developer set himself on flames. He stated that he had done it out of spite. He wanted to “kill” The protocolIt’s a good thing “inadvertently hurt[ing] people for a long time.”
Jarett Dunn (aka Stacc (Twitter) Plead guilty to the charge in AugustBut it is This plea is being withdrawn—as it He is trying to get into a fight It was an attack to try and be a “whistleblower” against the firm.
“Where is this company registered and paying taxes?” Dunn TwitterThe UK has banned all users of the website.
It’s not x I reinstalled yet. Here’s a killer.
Answer 1. What is the company’s tax registration and where are they paying their taxes? https://t.co/mCkoa87dGX pic.twitter.com/nQifZeg155
— based birdman stacc (@STACCoverflow) December 6, 2024
Pump.fun has been registered as a UK company. Baton Corporation Ltd., with its employees—at the time of the attack, at least—working in London. This ban raises important questions as to the legal status of the firm.
Crypto lawyer Preston Byrne, Managing Partner at Byrne & Storm, warned about this last week, claiming that the UK does not tolerate low levels of content moderation—which it appeared the platform was suffering from. The site also had “no terms of service, no DMCA registration, and copyright policy, no privacy policy,” Byrne’s statement puts Byrne in an unfavorable legal situation.
“The fact that the individuals rumored to be the founding team are all UK residents complicates the picture somewhat,” Byrne told Decrypt, “as it means the UK has greater leverage over them than they would a U.S. team.”
Andrew Hayward edited the book