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UK FCA Warns Against Solana-Based Memecoin Project Retardio
The UK Financial Conduct Authority (FCA) has issued a warning against the Solana-based memecoin project, Retardio, due to allegations of “suspicious financial services” without authorization. The regulatory body 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).
According to the FCA’s warning, users of Retardio will not be protected by these schemes if things go wrong, making it unlikely for them to recover their losses in the event the firm goes out of business. The regulator has advised investors to avoid interacting with the project and highlighted the scam risks associated with its social media accounts.
The FCA also emphasized that traders should only deal with financial firms authorized by the regulators, which provides greater protection when things go wrong.
Source: www.cryptonewsz.com
