‘Ave you got a license for that memecoin? UK bans Pump Fun

The UK has banned memecoin platform Pump Fun after the country’s financial watchdog added it to its warning list.

The Financial Conduct Authority (FCA) published the warning on December 3, saying, “[Pump Fun] may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and beware of scams.”

Trying to access Pump Fun from the UK now brings up a notice that states, “In accordance with the laws and regulations of the United Kingdom, this site is currently unavailable to users in the United Kingdom.” 

Users with coins deposited in the “privy wallet” are given a link to withdraw their coins. 

The Pump Fun UK notice.

Read more: Hacked X and Insta accounts used for Pump Fun rug pulls

The FCA’s warning means that if you lose money to Pump Fun as a UK resident in any way that warrants a complaint, i.e through criminal means or the business collapsing, you will not be able to access the UK’s Financial Ombudsman Service or Financial Services Compensation Scheme. 

Pump Fun was the subject of criticism last November after its livestream feature showed users holding a fish at gunpoint, making violent threats, and performing gross acts on camera. The backlash prompted Pump Fun to disable the feature for an “indefinite time period.”

The platform has also become a hotspot for rug pulls that involve hackers targeting celebrity Instagram accounts.

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