Solana-based memecoin launchpad Pump.fun is in hot water with the United Kingdom's top financial regulator over not getting permission to do business with customers there.
In a warning published on Dec. 3, the UK's Financial Conduct Authority said Pump.fun is not authorized by them and "may be targeting people in the UK."
"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," the regulator said in the warning.
Pump.fun has not released a statement on its X page or Telegram as of Friday morning.
In the UK, firms that offer cryptocurrency-related services have to register if they "come within the scope of the money laundering regulations," according to the FCA's website. If people in the UK use Pump.fun, they won't have certain protections and it could be unlikely that they get their money back when things go wrong, the regulator said.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
