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Recent discussions highlighted potential issues for cryptocurrency investors navigating certain gray areas. One such platform, Pumpfun, significantly supported activity on the Solana 
$163 network and increased liquidity, but it was identified as a risky smart contract. Today, a new decision was made that favors the Solana network.
Solana News
The meme coin creation platform, which serves as a fuel source for Solana, has been banned by the FCA. There have been incidents during live broadcasts where individuals threatened viewers with self-harm. Although the live streaming section was shut down, the platform transformed into an online casino, causing investors to incur losses with worthless tokens.
In today’s announcement, the UK regulator stated:
“This firm may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and be wary of fraud. Nearly all firms and individuals must be authorized by us to conduct or promote financial services in the UK. This firm is unlicensed and may be targeting individuals in the UK.
Some firms may provide false contact information, including postal addresses, phone numbers, and email addresses. They may change this information over time.
Additionally, they may give you information belonging to another business or individual to appear legitimate.
What this means for you
If you engage with this firm, you will not have access to the Financial Ombudsman Service if you have a complaint.
Furthermore, you will not be protected by the Financial Services Compensation Scheme (FSCS) if things go wrong. This means your chances of recovering your money in the event of the firm’s bankruptcy are low.”
