Quebec’s financial regulator warns Pump.fun is unregistered and unauthorized

Quebec’s Autorité des marchés financiers, the province’s top financial regulator, issued a public warning against Pump.fun on September 25, labeling the Solana-based meme coin launcher as unregistered and unauthorized to solicit investors in the province. The AMF categorized the platform under both “cryptoassets” and “high-risk platforms,” a double tag that essentially tells Quebec residents to steer well clear. The warning also identifies Pump.fun by its corporate name, Baton Corporation LTD. That’s worth noting because it ties the often-anonymous-feeling world of meme coin infrastructure to a specific legal entity, which makes future regulatory or legal action considerably easier to pursue. What the warning actually says, and what it doesn’t The AMF’s alert is a registration-based complaint, not an accusation of fraud. The regulator is saying Pump.fun hasn’t gone through the steps required to legally offer investment products or solicit capital from Quebec residents. Critically, the warning does not restrict site access for Quebec users or freeze any wallets. It also doesn’t imply a broader enforcement campaign is underway. The AMF is essentially putting a yellow flag on the fiel...