The U.K.'s Financial Conduct Authority (FCA) issued a public warning against the Solana meme coin Retardio. Following the news, the token's price surged by 16%.
FCA Warning Against Retardio
Retardio is a viral meme coin on the Solana blockchain that may be providing or promoting financial services without regulatory approval, according to a December 16 update by the FCA. Involvement with the project disqualifies investors from using the Financial Ombudsman Service and the Financial Services Compensation Scheme.
Community Reaction to the News
Retardio, a popular Solana meme coin with a $111 million market cap, saw a 16% price increase following the FCA announcement, though it had previously peaked near $240 million. The Retardio community responded with memes and jokes on social media.
FCA's Increased Crypto Scrutiny
On December 16, the FCA also released papers proposing tighter restrictions on public crypto offers. The regulator plans to ban unregulated firms from providing services, building on 2023's prohibition of digital asset promotions targeting U.K. investors. U.K. authorities aim to implement crypto regulations by 2025, covering areas like stablecoins and staking.
The U.K. is ramping up its scrutiny of cryptoassets, potentially reshaping the market in the coming years.
