Quebec’s securities regulator has issued a warning that Pump.fun, a platform that allows users to create and trade digital assets, is not registered with the Autorité des marchés financiers (AMF) and is not authorized to solicit investment business from residents of the province.
The warning, dated Sept. 25, 2026, categorizes Pump.fun under the AMF’s cryptoasset and high-risk platform notices. The alert centers on a specific regulatory question: whether the platform is permitted to seek investment business from people in Quebec. According to the notice, it is not.
The Canadian Securities Administrators (CSA), an umbrella organization of provincial and territorial securities regulators, also lists the alert on its own site, crediting the AMF as the issuer and repeating the same finding about registration and solicitation. The CSA listing simply records the Quebec warning rather than representing a separate enforcement action taken at the national level.
What the Warning Does and Doesn’t Say
The notice is narrow in what it claims. It does not amount to a website ban, a formal enforcement order, a finding of fraud, or any action affecting users’ access to their digital wallets. Its stated concern is limited to Pump.fun’s lack of AMF registration and its lack of authorization to solicit investors in Quebec. The AMF’s broader investor-warning material, which encourages caution around entities on its high-risk list, is general guidance and not a specific finding against Pump.fun beyond the registration and solicitation issue.
How Residents Can Verify Authorization
On its investor-warnings page, the AMF advises Quebec residents to exercise extreme caution before dealing with any entity that appears on its high-risk list. The regulator points prospective investors to its public registers, which can be used to check whether a firm or individual is authorized to operate in the province. The Pump.fun listing represents the regulator’s specific finding on this platform, while the registers serve as a general tool anyone can use to confirm a firm’s authorization before doing business with it.
The AMF’s guidance addresses a distinct question from how users might view the tokens available on Pump.fun. The platform’s own terms of use separately caution that user-generated digital assets can experience significant price swings. The AMF notice makes clear that this kind of price risk is a separate matter from the registration and authorization status the regulator is flagging.
For Quebec residents, the September notice provides a clear reference point: according to the AMF, Pump.fun is not registered and is not authorized to solicit their investment business in the province. The regulator’s published advice remains that residents should exercise caution and consult its registers when trying to determine whether a firm or individual is authorized to deal with them.
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