Solana-based memecoin, Retardio has come under the scrutiny of the UK Financial Conduct Authority (FCA) on charges of “suspicious financial services.”
FCA Warns Against Memecoin Project Retardio
The FCA issued a warning yesterday, claiming that the memecoin project Retardio, in the Solana ecosystem, is suspected of providing financial services without authorization. The FCA emphasized that users of this project will not be able to obtain protection from the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS).
The UK FCA wrote, “You [users of the project] also won’t be protected by the Financial Services Compensation Scheme (FSCS) if things go wrong. This means it’s unlikely you’d get your money back if the firm goes out of business.”
The regulator warned investors to avoid interacting with the project and highlighted the scam risks associated with its social media accounts. They have also advised users to deal with financial firms authorized by the regulators, explaining that authorization gives traders greater protection when things go wrong.
Meanwhile, Retardio has posted a cheeky response to the FCA’s advisory, stating, “’Retardio’ has issued a warning against the UK’s financial regulator.”
‘Retardio’ has issued a warning against the UK’s financial regulator. pic.twitter.com/cba5WkKnto
— RETARDIO 🚀 (@retardiosolana) December 16, 2024
The Retardio community has also called out the FCA’s move and voiced support for the project. Expressing support for Retardio, Azura, the full-stack on-chain trading platform, wrote: “Fees for trading $RETARDIO have been set to 0% on Azura for the remainder of 2024.
We stand in support of our oppressed cousins through these trying times. Long Live Retardio.”
Azura further shared that freedom of speech, expression, and trade are all core tenets of crypto that are threatened by the UK FCA’s warning.
Calling crypto a hedge against government hegemony, Azura has urged industry and community members to work together to uphold the freedom backed by decentralized financial systems and an open internet.
FCA Effect: RETARDIO Dips
Post the issued warning, RETARDIO has dipped significantly by 16.07% to $0.08051. Its 24 hour market volume has gone up by 167.57% to a whopping 13.6 million. The market cap of the Solana memecoin project has however been affected by the ‘regulatory tussle’, as it has gone down by 16.41% to $77.93 million.
Also Read: Will Solana Price Rebound Amid Record Developer Adoption in 2024?
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