UK FCA Bans Pump Fun, Solana Memecoin Platform, Over Market Manipulation

Dec 6, 2024, 04:05 PM

Pump Fun, a Solana-based meme coin launchpad known for its pump-and-dump schemes, has been banned in the United Kingdom following a warning from the Financial Conduct Authority (FCA) on December 6, 2024. The platform, which encourages users to participate in coordinated price inflation, has restricted UK users by displaying a 'restricted jurisdiction' message upon access. The FCA's action comes amid increasing regulatory scrutiny over platforms associated with market manipulation and volatile trading practices. Pump Fun had recently faced severe community pushback due to its livestream feature, which drew attention to its controversial business model.