1
0
Key Takeaways:
YEREVAN (CoinChapter.com) — The United Kingdom’s Financial Conduct Authority (FCA) has warned UK citizens against the Solana-based memecoin Retardio, highlighting unauthorized financial promotions. The FCA emphasized risks to consumers engaging with unapproved financial activities.
On Dec. 16, the FCA flagged the Retardio token, built on Solana, for potentially offering financial services without authorization. The regulator urged consumers to deal only with FCA-approved firms to ensure financial safety and protection.
Retardio is connected to an NFT project that reportedly achieved $31 million in lifetime sales, as per CryptoSlam. Meanwhile, the Retardio token, trading at $0.08, has a market capitalization of approximately $87 million, according to Dexscreener.
The FCA reminded UK consumers that unauthorized projects like Retardio do not provide access to the Financial Ombudsman Service. This service helps settle disputes between consumers and financial firms.
Additionally, investors are not protected under the Financial Services Compensation Scheme (FSCS), which compensates consumers when authorized financial firms collapse. The FCA warned,
“It’s unlikely you’d get your money back if the firm goes out of business.”
The agency urged consumers to verify firms through its official registry and report unauthorized financial promotions via official FCA channels.
The Retardio project responded with humor, claiming it had “issued a warning against the UK’s financial regulator.” Despite the sarcastic reaction, the FCA’s warning remains clear about the risks of unregulated financial activities.
Memecoins like Retardio continue to gain attention in the Web3 ecosystem. According to Yat Siu, Chairman of Animoca Brands, memecoins reflect the value of user attention. He explained that, unlike traditional social media metrics, memecoins’ market values demonstrate the attention they attract.
Siu added,
“If attention was a token, that’s basically what memecoins represent.”
He noted that user-generated content plays a central role in Web3 projects like Retardio.
1
0
Manage all your crypto, NFT and DeFi from one placeSecurely connect the portfolio you’re using to start.
0
0
