UK warns of Solana memecoin

The UK Financial Conduct Authority (FCA) has issued a warning about a memecoin called Retardio on the Solana blockchain.

The FCA has advised UK residents to avoid the NFT-focused memecoin project Retardio, which has gained popularity recently. The regulator said the Solana-based memecoin was offering its services in the UK without authorization.

The warning, issued on December 16, stated that the token was providing and promoting financial services, but that this behavior was being exhibited without obtaining approval from the necessary authorities.

The UK has put Solana-based token on its radar

The UK Financial Conduct Authority (FCA) has advised citizens to do business with FCA-approved firms.

According to CryptoSlam, the Retardio project has sold over $30 million worth of Solana-based NFTs. RETARDIO, which was launched as the native token of the collection in question, reached a market value of approximately $85 million.

According to the FCA, UK citizens interested in the Retardio project will not be able to access the Financial Ombudsman Service, which is responsible for resolving complaints between consumers and financial services institutions.

Stating that users who trade on unauthorized platforms will not be protected by the Financial Services Compensation Scheme (FSCS), the FCA noted the following;

“This means that if the company goes bankrupt, you are unlikely to get your money back.”

The government agency requested that consumers contact official channels to report unauthorized companies.

Retardio, who responded to the FCA in a humorous way, used the following statements;

“We have issued a warning to the UK financial regulator”

According to CoinGecko data, RETARDIO lost 4.3 percent in the last 24 hours and fell to $0.0895. The popular memecoin recorded a trading volume of $13 million in the last 24 hours.

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