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Sujha Sundararajan
Author
Sujha Sundararajan
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The UK regulator (FCA) has issued a warning against Solana-based meme coin and NFT project Retardio, for promoting unregulated financial services.
On Monday, the United Kingdom’s Financial Conduct Authority (FCA) noted that the project is “not authorized.” Authorities have asked users to “avoid dealing with this firm and beware of scams.”
“Almost all firms and individuals must be authorised by us to carry out or promote financial services in the UK. This firm is not authorised by us and may be targeting people in the UK.”
Further, the FCA cautioned users that if things go wrong, the firm doesn’t fall under the Financial Services Compensation Scheme (FSCS). This means it’s unlikely you’d get your money back if the firm goes out of business, the warning read.
The warning comes as the regulator proposes new strict crypto regulations to curb risks within the digital asset space. The FCA released a discussion paper, planning to outlaw public crypto offerings by non-regulated entities.
The FCA has been trying to focus more on crypto recently. The financial watchdog onboarded several crypto staff, aiming to approve more crypto firms after rejecting around 86% of applicants previously.
Retardio Responds to FCA Warning With a Clown Meme
The Solana-based Retardio posted a meme in response to the FCA warning, depicting Jeff Bezos in a clown dress.
“The Bezos Cabal send their regards,” the memecoin project wrote. “Oi come get me bruv.”
Though Retardio has limited information regarding the project, it has a followership of over 11,000 members on Telegram. The project brands itself as a digital collectible with the Retardio Cousins collection, available on Magic Eden NFT platform.
Further, the Retardio token buoyed following the FCA notice, per data from DexScreener.
On a similar note, the FCA banned the meme coin launchpad Pump.fun early this month for operating without proper authorisation.
