Chainalysis, a leading blockchain data analytics platform, has announced extended support for Solana’s Pump.fun memecoins, marking a significant step in ensuring regulatory compliance and fraud detection for these digital assets.
The update allows crypto exchanges to list Pump.fun memecoins with full compliance assurance while enabling governments to monitor them for scams or fraudulent activities.
Enhanced compliance for Solana Memecoins
Chainalysis now provides comprehensive compliance coverage for all Solana tokens, including Pump.fun memecoins. According to Matthew Wilson, Product Director at Chainalysis, the platform has integrated Solana’s tokens into its Know Your Transaction (KYT) and Reactor tools. Wilson emphasized that from the moment an SPL contract is created, Chainalysis delivers complete monitoring, including alerting, tracing, and exposure tracking.
This development allows crypto exchanges to confidently expand their portfolios, knowing compliance support is in place. It also gives governments and regulatory bodies a powerful tool to identify and track suspicious activities linked to these memecoins.
Industry reactions to Chainalysis’s update
The announcement has garnered praise from industry experts. Christopher Roberts, director at Schwartz Associates, applauded the move, describing it as one of the key reasons for their ongoing collaboration with Chainalysis. Meanwhile, compliance consultant Stephen Sergent humorously noted on LinkedIn that the update ensures users can now engage with memecoins while maintaining compliance, even joking about the volatility of such tokens.
Pump.fun’s UK restrictions remain
Despite Chainalysis’s extended support, Pump.fun memecoins remain inaccessible to users in the United Kingdom due to regulatory action by the Financial Conduct Authority (FCA). The FCA banned the platform from operating in the UK, citing concerns over unauthorized activities targeting British consumers.
On December 3, the FCA warned against Pump.fun, advising users to be cautious of scams. As part of the restriction, UK-based users can no longer access the Pump.fun platform. Visitors from the UK attempting to use the website are notified of restricted access.
To assist affected users, the FCA has provided a mechanism for withdrawing Pump.fun tokens into private wallets. However, the regulator continues to stress the risks associated with engaging with unlicensed platforms, warning that customers could lose their funds.
Chainalysis’s expanded support for Solana memecoins highlights the growing focus on compliance and fraud detection in the crypto sector. Meanwhile, regulatory challenges like those faced by Pump. fun underscore the importance of adhering to local laws and guidelines.
The post Chainalysis Expands Support to Include Solana’s Pump.fun Memecoins first appeared on Coinfea.
