Apple Delists Pump Fun App Amid Ongoing Regulatory Scrutiny

Apple has delisted the Pump Fun app from its US and India App Stores, just one day after the memecoin trading platform introduced Custom Pairs, allowing users to launch tokenized stocks against digital assets. The move was met with a social media trend of the app's disappearance.

The Pump Fun app had been offering 93 asset pairs, including tokens supposedly linked to publicly-traded US companies like Boeing and Costco. Apple's georestriction of the app is unclear, but it follows past incidents where the company has removed crypto-related apps from its App Store in various countries.

Pump Fun's parent company, Baton Corporation, and founders have faced legal issues in the past, including a warning from the UK's Financial Conduct Authority for operating without authorization. A New York federal judge also allowed RICO claims against the company to proceed, pegging retail losses at up to $5.5 billion.

The platform's proprietary token, PUMP, slid 12% over the 24 hours leading up to Apple's delisting and now trades below its debut price of last year's Initial Coin Offering.