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- Chainalysis has expanded its support to Solana’s Pump.fun memecoins.
- The data platform argues that governments can now track the tokens for any fraudulent activities and guarantees full compliance support for crypto exchanges.
- The United Kingdom has restricted the use of Solana’s Pump.fun, warning UK consumers of possible scams.
Blockchain data platform Chainalysis has broadened its scope to cover Solana’s Pump.fun memecoins. With this decision, crypto exchanges can now list Pump.fun memecoins on their portfolio with full compliance coverage, and even governments can check for scams or rug pulls.
Chainalysis will offer full compliance coverage for Solana’s Pump.fun memecoins
Chainalysis has extended its coverage to Solana’s Pump.fun memecoins.
Chainalysis Product Director Matthew Wilson even commented on the support extension, saying:
Today, Chainalysis extended our Solana coverage to include every Solana token in KYT and Reactor. From the moment an SPL contract is deployed, Chainalysis offers complete alerting, exposure and tracing.
~Director Matthew Wilson
He added that exchanges can add Solana’s memecoins to their portfolio, arguing that compliance support is guaranteed. He even said governments could monitor the tokens for fraud.
Schwartz Associates director Christopher Roberts has congratulated Chainalysis on the update, saying it’s “one of the many reasons” they are happy to work with the data analytic platform.
A compliance consultant on LinkedIn named Stephen Sergent, on Chainalysis’s move, jokingly remarked how he can now lose his shirt on these meme coins compliantly.
Pump.fun lost the British market following the FCA’s operational ban in the UK
While Chainalysis’s move to support Solana memecoins promises that governments can easily track scams and fraud involving these tokens, some governments have already lost trust in the Solana meme coin launchpad. For starters, the United Kingdom’s Financial Conduct Authority (FCA) has restricted the use of Pump.fun in the country.
The FCA first cautioned users against the platform on December 3, warning them of potential scams. The agency said the platform targeted UK crypto consumers despite being unauthorized to operate.
Currently, UK-based users can no longer access Pump.fun. Any user who tries to use the Pump.fun website from the UK is notified of the instituted restricted access.
However, the FCA did provide a link for users to withdraw their coins in their private wallets. The regulatory authority still maintains that customers using unauthorized firms like Pump.fun risk losing their funds.
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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Nellius Irene
Nellius is a Business Management and IT graduate with five years of experience in the cryptocurrency industry. She is also a graduate of Bitcoin Dada. Nellius has contributed to leading media publications, including BanklessTimes, Cryptobasic, and Riseup Media.
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