The UK’s Financial Conduct Authority (FCA) has raised concerns about Retardio, a Solana-based meme coin. According to the FCA, Retardio may be offering financial services in the UK without proper authorization, putting investors at risk of losing their funds. The regulator has cautioned that those investing in the coin will not be covered by financial protection schemes.
Investors Face Significant Risks with Retardio
The FCA stated that Retardio holders are not eligible for protection under the Financial Ombudsman Service or the Financial Services Compensation Scheme. This leaves investors vulnerable in case of disputes or insolvency. “If things go wrong, it’s unlikely you’d get your money back if the firm goes out of business,” the regulator warned.
Despite this, Retardio’s price rose by 16% following the announcement, with its market capitalization reaching $111 million. Previously, the coin had peaked at nearly $240 million. Meanwhile, the Retardio community responded with humor on social media, driving further interest in the token.
FCA Expands Crackdown on Unregulated Crypto Projects
The warning against Retardio is part of the FCA’s ongoing efforts to regulate the cryptocurrency sector. The regulator has expanded its crypto team to over 100 members and is actively targeting unauthorized projects.
In addition to Retardio, the FCA recently issued a warning about Pump.fun, a Solana-based memecoin generator. The regulator stated that Pump.fun is not authorized to provide financial services in the UK and urged users to beware of potential fraud.
These actions highlight the FCA’s commitment to protecting investors and creating a safer environment for cryptocurrency users in the UK.
