The UK's Financial Conduct Authority (FCA) has raised concerns over the Solana-based meme coin Retardio due to its potential provision of financial services in the UK without necessary approval.
FCA Warns of Retardio's Threats
The FCA notice stated that the Financial Ombudsman Service would not protect investors dealing with Retardio in case of a dispute. Holders are also not eligible for protection under the Financial Services Compensation Scheme. Investors may not get their money back if the project becomes insolvent.
Retardio's Popularity Amid Warning
Despite the warning, the price of Retardio increased by 16%, and the total market capitalization hit $111 million. Earlier, the meme coin reached almost $240 million. As of now, Retardio is trading at $0.09011. The Retardio community responded to the news with humor on social networks, which further increased demand.
FCA's Other Crypto Regulatory Efforts
The FCA recently issued a warning against Pump.fun, a memecoin generator on the Solana blockchain, stating it is ‘not authorized’ to provide financial services in the UK. The platform allows people to create and launch tokens without coding skills and has generated over $315.6 million in revenue. FCA has intensified supervision over crypto platforms, declaring over 140 digital asset companies as unauthorized. The UK also aims to regulate stablecoins and other cryptocurrency activities by the end of 2025.
The FCA continues active measures to regulate the cryptocurrency market to ensure investor protection and legal compliance.
