The UK Financial Conduct Authority (FCA) has issued a warning against a Solana-based memecoin called Retardio. The regulator has advised UK residents to avoid the NFT-focused memecoin project, citing concerns over unauthorized financial promotions and activities.
The FCA stated that Retardio may be providing or promoting financial services without the necessary regulatory approval. The watchdog urged consumers to exclusively do business with FCA-approved companies to offer proper protection.
Retardio was launched as the native token of an NFT collection and has gained popularity recently. However, the FCA’s warning highlights the risks associated with investing in unregulated cryptocurrencies.
The regulator also noted that UK citizens who invest in Retardio will not be able to access the Financial Ombudsman Service, which resolves complaints between consumers and financial services institutions. Additionally, they will not be covered by the Financial Services Compensation Scheme, which protects consumers if a financial firm goes out of business and cannot pay claims.
The FCA’s warning serves as a reminder for investors to exercise caution when investing in cryptocurrencies and to always conduct thorough research before making any investment decisions.
