Québec Regulator Says Pump.fun Is Unregistered and Not Authorized to Solicit Investors

Québec's securities regulator, the Autorité des marchés financiers (AMF), said in a notice dated Sept. 25, 2026, that Pump.fun is not registered with the AMF and is not authorized to solicit investors in the province. The AMF classified the posting as a "cryptoasset and high-risk platform" warning. Pump.fun offers services tied to user-generated digital assets, and the regulator's key point for local residents is straightforward: the platform is not permitted to seek their investment business in Québec. The Canadian Securities Administrators (CSA) also list the alert, naming the AMF as the issuer and repeating the finding on registration and solicitation. The CSA entry records the Québec warning and does not indicate a separate CSA action against the platform. The AMF's notice is narrow in scope. It does not announce a website ban, enforcement order, fraud finding, or any change to users' wallet access. Readers should not interpret the warning as evidence that any of those steps have been taken. General fraud-prevention guidance on the AMF page is not presented as a case-specific allegation against Pump.fun. What Québec residents can do On its broader investor-warnings page, the AMF urges Quebecers to exercise extreme caution when dealing with entities flagged as high risk. It also directs prospective investors to consult its official registers to verify whether a firm or individual is authorized to operate. In this context, the Pump.fun entry provides the regulator's stated position on the platform, while the AMF registers serve as the broader verification tool. The practical takeaway is to confirm authorization status before doing business with a platform, independent of views on the tokens available through the service. Pump.fun's own terms of use warn that user-generated digital assets can swing sharply in value. The AMF warning makes clear that market risk and regulatory authorization are separate issues, and the platform's risk disclosure does not address the registration question raised by the regulator. For Québec residents considering Pump.fun, the Sept. 25 notice sets a clear reference point: the AMF says the platform is unregistered and not authorized to solicit them, and advises caution and use of its registers to verify authorization.