Retardio, a controversial memecoin project based on blockchain $SOL , has just been warned by the UK's Financial Conduct Authority (FCA) as 'unauthorized.'
Retardio and the Response from the Community
The FCA stated that Retardio, which is seen as a project lacking a clear purpose, is not on the list of organizations or products licensed by this agency. Instead of providing an official response, Retardio posted a mocking meme, featuring an image of Jeff Bezos in clown makeup.
This project seems to have no specific goal other than creating an asset for traders in the Solana ecosystem to speculate on. However, despite warnings from the FCA, the token price of #Retardio surged, pushing the market capitalization of the project once again above 100 million USD, according to data from DexScreener.
FCA Tightens Regulation of the Crypto Market
In an effort to enhance regulation of the digital asset market, the FCA recently released a discussion paper, calling for feedback from the crypto industry on new regulations. At the same time, the FCA has expanded its workforce focused on this area, with the current number of employees exceeding three digits. The policy development team related to crypto is the fastest-growing team at the FCA this year.
Conclusion
Despite being listed as 'unauthorized' by the FCA, Retardio still attracted a large number of investors, showing a strong speculative sentiment in the memecoin market. The warning from #FCA serves as a reminder that investors need to exercise caution, especially with projects lacking transparency and clear objectives. Opportunities come with risks, and understanding the project is essential before deciding to participate.