The Financial Conduct Authority (FCA) in the UK has voiced concerns about the Solana-based Retardio project. Retardio, renowned for its NFT collection and accompanying memecoin, reportedly operates without proper governmental clearance.
According to the FCA, the project could be offering or promoting financial services illegally, endangering UK consumers. The agency warned customers against dealing with illegal firms, underlining that such entities do not provide the same level of consumer protection as FCA-approved companies.
Retardio’s memecoin, which trades under the same name, has attracted a lot of attention, with a claimed market value of $87 million and a trading price of around $0.08. Despite its popularity, the FCA warns that users dealing with Retardio may not have access to critical services such as the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS). Individuals could suffer financial losses with no recourse if the initiative fails.
The Retardio project responded to the FCA’s warning by posting a meme mocking the regulator. This reaction has fueled more controversy regarding the project’s aims and legitimacy.
The FCA’s notice comes as part of a broader crackdown on unregulated cryptocurrency businesses, as the regulator seeks to strengthen control and reduce risks in the digital asset industry. The caution is a reminder to customers to check the authorized status of any financial service provider before interacting.
To avoid potential scams and financial hazards, the FCA advises vigilance and encourages the public to report unlicensed enterprises through official means.
