In a shocking growth for customers, Pump.Fun has formally been banned in the UK. Indeed, customers in the area have acquired a “restricted jurisdiction” message once they try to entry the meme coin market
The restriction happens as the UK continues to develop its strategy to the cryptocurrency sector. Earlier this week, the nation’s monetary regulator warned the market that it was “operating without permission.” There has been no replace on whether or not the ban is short-term or everlasting.
JUST IN: 🇬🇧 UK restricts entry to Pump․Fun pic.twitter.com/zMl5JDG1YU
— Watcher.Guru (@WatcherGuru) December 6, 2024
UK Regulator Bans Access to Solana’s Pump.Fun
In a shocking transfer for customers, the UK has restricted entry to Solana’s Pump.Fun platform. Indeed, the area had banned the use of the platform as a consequence of “laws and regulations.” Arriving earlier this yr, had surged in reputation inside the crypto business.
Just three days in the past, the platform acquired a warning from the UK Financial Conduct Authority. Specifically, they famous that the market was “providing or promoting financial services or products without our permission.” Moreover, reviews have confirmed that the block had been on the horizon, in response to insiders.
Developed in the UK, Pump.Fun has been surging since first arriving earlier this yr. It has been a launching pad for a meme coin sector that has skyrocketed in worth this yr. Specifically, tokens like PNUT and WIF have grown massively after being created on the platform. Since its debut, it has generated greater than $250 million from customers.
There hasn’t been an replace on how lengthy the ban might final. Yet, it does present much more the reason why crypto regulation is so vital. The UK has positioned an emphasis on growing these requirements. They have acknowledged that laws must be current by 2026.
