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UK FCA Warns Against Solana-Based Memecoin Project Retardio
The United Kingdom Financial Conduct Authority (FCA) has issued a warning against the Solana-based memecoin project, Retardio. In its latest advisory, the regulator has stated that it is suspected that Retardio is providing financial services without authorization.
As a result, users of this project will not be able to obtain protection from the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS). This means that if things go wrong with the firm, it is unlikely that investors would get their money back in case the company goes out of business.
The FCA has warned investors to avoid interacting with Retardio and highlighted the scam risks associated with its social media accounts. The regulator has also advised users to deal with financial firms authorized by them, as authorization provides traders with greater protection when things go wrong.
Retardio, in response to the FCA’s advisory, stated that “Retardio” has issued a warning against the UK’s financial regulator.
The Retardio community has come out in support of the project, with Azura, the full-stack on-chain trading platform, expressing solidarity with Retardio. Azura set fees for trading $RETARDIO to 0% for the remainder of 2024 and urged industry and community members to work together to uphold freedom backed by decentralized financial systems and an open internet.
Following the FCA’s warning, RETARDIO has experienced a significant dip in its price, down 16.07% at $0.08051. Its market volume has increased significantly, rising 167.57% to 13.6 million.
Source: www.cryptonewsz.com
