The UK’s Financial Conduct Authority (FCA) has issued a warning against the memecoin generator platform Pump.fun, stating that it is not authorized to operate in the country. The FCA’s warning, released on December 3, highlights that Pump.fun may be offering financial services or products in the UK without the necessary approval.

As a result, UK customers engaging with Pump.fun will not have access to consumer protections such as the Financial Ombudsman Service or the Financial Services Compensation Scheme. The FCA advised users to “avoid dealing with this firm and beware of scams.”

Despite not being listed as a prohibited country, the UK is now banned from using the platform, which enables users to create and launch their own tokens, primarily memecoins, on the Solana blockchain. Launched in January 2024, Pump.fun quickly gained popularity due to its low-cost and user-friendly token creation process. Since its inception, the platform has generated over $288.4 million in revenue, according to data from Dune Analytics.

Pump.fun’s terms of service note that users in high-risk or sanctioned countries, including Cuba, Iran, North Korea, Syria, and Russia, are restricted from using the platform. However, users in the UK, who were not originally restricted, are now facing the ban.

While some users on Pump.fun’s Telegram support channel have claimed that the platform is no longer available in the UK, others have shared tips to bypass the ban, including using virtual private networks (VPNs).

The FCA has previously issued similar warnings against unauthorized crypto firms. In October 2023, the financial watchdog added over 140 digital asset companies, including major exchanges like Huobi and KuCoin, to its non-authorized list.

The UK is currently developing a regulatory framework for digital assets to provide clearer guidelines for the industry, including regulations for stablecoins, staking, and other crypto activities.