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Memecoin Factory Pump.Fun Bans U.K. Crypto Traders
Earlier this week, the U.K.'s main financial regulator warned Pump.fun was operating without permission.
Solana's memecoin factory Pump.fun shut off access to U.K. crypto traders Friday, citing "laws and regulations" affecting the runaway hit.
The geoblock comes three days after the nation's main financial regulator, the Financial Conduct Authority, warned the platform "may be providing or promoting financial services or products without our permission." One of Pump.fun's founders confirmed a blockade had taken effect but declined to comment further.
STORY CONTINUES BELOW
Since debuting earlier this year, Pump.fun has become the de facto launchpad for memecoins on the Solana blockchain. It spawned multibillion-dollar hits including PNUT and WIF. Along the way, it generated over $250 million for its founders, who developed the app in the U.K.
Memecoin traders immediately attempted to capitalize on the ban by creating joke cryptocurrencies that lampooned the news. None of the assets had taken off at press time.
Danny Nelson
Danny was CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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