Following a warning from the UK Financial Conduct Authority, a platform launching a memcoin based on Solana pump.fun has updated its terms of service in the country, meaning UK users are now unable to access the site.
This platform may provide or advertise financial services or products without our permission. You should avoid doing business with this platform and beware of fraud, the UK's financial watchdog said.
Under UK law, all crypto companies and digital asset service providers must obtain approval from the regulator before operating in the region. Since 2020, 347 web3 startups have applied to register with the agency, but as of June 2024, only 47 have been approved.
The UK shutdown of pump.fun coincides with problems on the platform. The memecoin startup was recently accused of insufficient content moderation during live streams. This came after several meme token developers publicly promised to harm themselves or others around them if their asset did not gain popularity. pump.fun Team disabled the function live broadcasts and promised to more closely monitor what is happening on the platform.