Key Takeaways:
- The FCA issued a warning about the Solana-based Retardio memecoin for unauthorized financial promotions targeting UK consumers.
- The Retardio project, tied to a Solana NFT collection with $31M in sales, currently has an $87M market cap.
- The FCA highlighted the lack of consumer protections like FSCS coverage for UK users engaging with the project.
The UK’s Financial Conduct Authority (FCA) has issued a warning about the Solana-based “Retardio” memecoin, citing concerns over unauthorized financial promotions targeting UK consumers.
On December 16, the FCA highlighted that Retardio, tied to a Solana-based NFT collection with $31 million in lifetime sales, might be providing financial services without proper authorization.
BREAKING: U.K. REGULATOR WARNS THAT @retardiosolana MAY BE PROMOTING FINANCIAL SERVICES OR PRODUCTS WITHOUT ITS PERMISSION pic.twitter.com/FurHZIosm5
— DEGEN NEWS (@DegenerateNews) December 16, 2024
The associated token, currently trading at $0.08 with an $87 million market cap, poses risks to investors due to the lack of regulatory oversight.
The FCA warned that UK consumers engaging with Retardio would not be protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS).
This means investors may lose their funds if the project fails.
The regulator emphasized the importance of verifying firms’ credentials through its official registry and reporting unauthorized activities.
In response, Retardio humorously countered the warning, claiming it had “issued a warning against the UK’s financial regulator”, showcasing the project’s playful and irreverent tone.
'Retardio' has issued a warning against the UK’s financial regulator. pic.twitter.com/cba5WkKnto
— RETARDIO 🚀 (@retardiosolana) December 16, 2024
The incident underscores ongoing tensions between regulators and crypto projects operating outside traditional frameworks, raising concerns about investor safety and oversight in the volatile memecoin market.
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Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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