Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the recent restriction of Pump.fun in the United Kingdom.
Pump.fun Banned
Authorities in the United Kingdom have banned all residents from using Pump.fun due to it being an unauthorized financial service, along with the potential of scams. The United Kingdom’s Financial Conduct Authority (FCA) issued the warning on the 3rd of December regarding the Solana based meme coin launchpad. They stated it is operating without proper authorization and access to Pump.fun has been restricted to all United Kingdom users since the warning was issued.
In the statement the FCA noted:
“This firm may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and beware of scams.”
Concerns were expressed by the regulator regarding the platform as they noted it “may be targeting people in the UK” despite not being authorized to conduct business with customers in the country. Pump.fuh allows users to create and trade Solana tokens without coding experience. Any users in the United Kingdom who now try to access the platform are warned on the website regarding restricted access. The statement read:
“Restricted jurisdiction. Our systems have identified that you are in the United Kingdom. In accordance with the laws and regulations of the United Kingdom, this site is currently unavailable to users in the United Kingdom. If you have coins deposited in the private wallet, please follow this link that will allow you to withdraw your coins.”
At the time of writing there has been no statement issued by Pump.fun regarding the FCA's warning. As part of UK regulations any companies offering crypto related services must register with the FCA if subject to the country’s money laundering laws. It was also noted by the regulator that users would lack financial protections and might find it difficult to recover their money if problems arise.
Have a great day.
Peace. CryptoGod-1.
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