Is Pump.fun (PUMP) halal?
No condition fails, but 3 points remain to be verified or fall under a tolerated case.
Verdict calculated by Halal Bourse's published rules from an investigation of primary sources (project documentation, registers, decisions), conducted on 10/07/2026 and not reviewed by a human.
The asset
SPL token (Token-2022 program) on Solana, the token of the Pump.fun memecoin launch and trading platform; it grants no right to the platform's revenue, which is used for buybacks followed by burns Issuer: Baton Corporation Ltd, a private company under English law (No. 14743013, incorporated on March 20, 2023), which develops and operates the platform; according to the terms of use, the platform and its intellectual property belong to Bracket Company, Ltd. (British Virgin Islands), which collects the fees. Three directors named in the UK register: Alon Cohen, Dylan Kerler, Noah Tweedale. The project cites a “Pump Foundation” without publishing its legal name, jurisdiction or officers (Blockworks disclosure of September 21, 2026)..
Maximum supply of 1 trillion PUMP, created in full at the token generation on July 12, 2025, with no mint or freeze authority (reading of the token account on a public Solana node on October 7, 2026: mintAuthority and freezeAuthority null). The existing supply is 829.4 billion after burns. CoinMarketCap data of October 7, 2026: rank 34, price of $0.0065, 463.9 billion PUMP in circulation, for a circulating market capitalization of about $3.0 billion.
Why this verdict
- Permissible purpose : to be verified or tolerated case. The issuer writes that PUMP represents neither an equity interest, nor a claim, nor a right to revenue, and the Blockworks disclosure of September 21, 2026 notes that it confers no governance rights. The only functions found are being the asset bought and then burned by the platform's buyback program, and serving as a listing asset for memecoins launched on the platform ($129 million traded in PUMP pairs by 111,000 traders from September 9 to 13, 2026, platform figures). The platform's purpose is to launch and trade memecoins; according to its terms of use, it also provides leveraged perpetual contracts through Hyperliquid (autres_constats). Whether these two uses are enough to establish a function under rule A.8 has not been settled: to be settled.
- « $PUMP does not represent equity, a debt instrument, or any right to revenues, profits, dividends, distributions, or any other cash flow. » Pump.fun (announcement of April 28, 2026) (2026-04-28)
- « PUMP confers no governance rights, no equity, no debt claim, no dividend, and no redemption right over platform revenue or assets » Blockworks (Pump token transparency disclosure, based on public information) (2026-09-21)
- No riba : met. Holding PUMP pays nothing: no dividend, no share of fees, no redemption right. The buyback program (50% of the platform's net revenue used to buy PUMP on the market, then burn it) reduces the supply with no distribution to holders; the issuer writes that it creates no obligation except for purchases executed automatically by contract. No lending or staking is attached to the token in the pages read.
- « Holders receive no dividend, no fee share, and no redemption right. » Blockworks (Pump token transparency disclosure, based on public information) (2026-09-21)
- « You should not purchase $PUMP with an expectation of profit, price appreciation, or any economic return based on any buyback activity » Pump.fun (announcement of April 28, 2026) (2026-04-28)
- No gambling : to be verified or tolerated case. The spot purchase is of a transferable Solana token, delivered at purchase, and not of a contract on a price difference. But the holder receives no distribution: the gain can come only from resale, with the value supported by buybacks. The point therefore follows that of the token's function (c1). A federal court in New York ruled on August 31, 2026 that buying memecoins on the platform is not a bet under New York State law; the decision concerns memecoins launched on the platform, not PUMP, and it is reported here by a specialized news site.
- « Value accrues to PUMP through supply reduction rather than through any distribution to holders. » Blockworks (Pump token transparency disclosure, based on public information) (2026-09-21)
- « The court rejected the gambling predicates entirely. » The Crypto Times (specialized press; report on the August 31, 2026 order, Aguilar v. Baton Corporation case) (2026-09-01)
- No excessive gharar : met. The issuer is identified: three directors named in the UK companies register, and named as defendants in the pending case (c6). The supply is fixed (mint authority null, chain reading) and the initial allocation is published: 33% sold in the ICO, 24% community and ecosystem, 20% team, 13% investors, 3% livestream incentives, 2.6% liquidity and platforms, 2.4% ecosystem fund, 2% foundation; team and investors locked for 12 months, then released linearly over three years until July 2029. Limits: the platform's keys (program updates, buyback parameters) are held by the company, with no publication of their signers; the cited foundation has no published legal name; no DAO.
- « which owns the Pump Platform and the Pump IP and receives the fees described on the Fees Page » Pump.fun (terms of use, updated September 25, 2026) (2026-09-25)
- « Its mint authority, freeze authority, and Token-2022 metadata update authority all read null onchain » Blockworks (Pump token transparency disclosure, based on public information) (2026-09-21)
- Real ownership : met. PUMP is a Solana token held in a personal wallet; the platform describes software that lets users interact with the contracts from their own wallets. No freeze authority exists on the token (chain reading). The withdrawal conditions of the exchanges where it can be bought were not studied.
- « THE PUMP PLATFORM PROVIDES SOFTWARE THAT ALLOWS USERS TO INTERACT DIRECTLY WITH SMART CONTRACTS ON A SUPPORTED NETWORK USING THEIR OWN WALLETS » Pump.fun (terms of use, updated September 25, 2026) (2026-09-25)
- « Its mint authority, freeze authority, and Token-2022 metadata update authority all read null onchain » Blockworks (Pump token transparency disclosure, based on public information) (2026-09-21)
- No fraud or manipulation : to be verified or tolerated case. No sanction or fine was found against the issuer; the AMF blacklist returns nothing. But on August 31, 2026, the federal court for the Southern District of New York (Judge McMahon) allowed the racketeering (RICO) charges to proceed against Baton Corporation and its three founders (conspiracy with 25 unidentified memecoin promoters, “fair” launch statements underlying the alleged wire fraud) as well as the unlicensed money transmission claim, while dismissing the securities and gambling claims and dropping Solana Labs and the Solana Foundation from the case. These are claims found plausible at the motion stage, not established deception; the case is pending. In addition there is a warning from the UK FCA (December 3, 2024) against the platform, followed by the voluntary blocking of access for UK users, and overdue Baton accounts at the UK register. No rug pull signal is established on the token itself (mint and freeze authorities null); holder concentration was not measured. To be settled: accusations under investigation (a_verifier) or accusation dropped (remplie).
- « Judge Colleen McMahon of the United States District Court for the Southern District of New York allowed racketeering claims » Wolf Popper LLP (plaintiffs' law firm; case news) (2026-08-31)
- « Plaintiffs Kendall Carnahan and Michael Okafor adequately pleaded both substantive RICO and RICO conspiracy claims against Baton Corporation » The Crypto Times (specialized press; report on the August 31, 2026 order) (2026-09-01)
Contract security scan
The GoPlus scan does not cover Solana: scan not performed. Direct reading of the token account on a public Solana node on October 7, 2026: mint authority null, freeze authority null, metadata update authority null; the transfer hook extension points to no program. No transfer tax found. Reading under rule A.8: no honeypot, mint or freeze signal on the token. Concentration of the top ten wallets and token audit: not measured. Control exists at the platform level: the programs of the bonding curve and of PumpSwap share an update authority whose signers are not published, and the configuration authority can change the buyback rate with no delay or vote (Blockworks disclosure).
Opinions found during the research
- CryptoUmmah (screening site, not a scholar; 27-point methodology) : “Haram · Not Permissible”, compliance score 33/100 (riba 46.2, gharar 30.5, maysir 18); last review indicated: July 16, 2026 (2026-07-16) source
- HalalScreener (automatic rating site, no named author) : “Doubtful”, 50/100: token “whose value rests on sentiment rather than a use case”; scholars disagree, so doubtful rather than prohibited according to the page (2026-10-07) source
Opinions reported as read, named for what they are; they do not enter into the calculation of the verdict.
What could not be verified
- I-SCAN (IOSCO): not read, the page is protected by an anti-bot check (access denied, 403).
- GoPlus does not cover Solana: security scan not performed; chain reading limited to the token account (null authorities). Concentration of the top ten wallets excluding exchanges, audit of the token and of the buyback program: not found. The Solscan pages and the complaint in the court file were not read.
- Share of the platform's revenue derived from perpetual contracts, leverage or other impermissible products: not published; the T2 case cannot be quantified. The annualized revenue cited ($565 million) is platform figures, unaudited. The platform flags its fees dashboard as inaccurate since the introduction of custom pairs.
- Order of August 31, 2026: read through reports (Wolf Popper, the plaintiffs' law firm; The Crypto Times), not in its text; Law360 and CourtListener not read. The automatic summary of The Crypto Times page wrongly dates the order to 2025: the date of August 31, 2026 is confirmed by Wolf Popper.
- Identity of the signers of the platform's administration keys, existence and status of the “Pump Foundation”: not published. Release schedule of the community, foundation and ecosystem fund allocations: not published.
- Availability of PUMP on MiCA-licensed platforms accessible from France: not verified; no MiCA white paper matched.
- Religious opinion: no opinion from a recognized body on PUMP found; CryptoUmmah and HalalScreener are rating sites, not fatwas; the Sharlife page is for subscribers only.
Sources read
- Pump.fun, announcement of April 28, 2026
- Pump.fun, PUMP token page
- Pump.fun, conditions d'utilisation (25 septembre 2026)
- Pump.fun, frais
- Pump.fun, holder rewards
- Blockworks, Pump token transparency disclosure
- CoinDesk, end of the 100% revenue buyback
- Wolf Popper, order of August 31, 2026
- The Crypto Times, report on the order
- Decrypt, ban on UK users
- Decrypt, amended complaint of July 2025
- Companies House, Baton Corporation Ltd
- Companies House, directors of Baton Corporation Ltd
- AMF, listes noires, recherche « pump »
- AMF, listes noires, recherche « pump.fun »
- CryptoUmmah, Is Pump.fun Halal?
- HalalScreener, CRYPTO:PUMP
Other cryptos analyzed
- Internet Computer Permitted
- Folks Finance Prohibited
- Hyperliquid Prohibited
- Worldcoin Questionable
- MemeCore Questionable
- Litecoin Permitted
- Stellar Permitted
- Ripple USD Questionable
General information: neither investment advice nor a fatwa. Verdict calculated by published rules, from financial statements read automatically and not reviewed by a human. Read the methodology