The Financial Conduct Authority (FCA) of the UK has issued a significant warning to cryptocurrency investors regarding Retardio, a memecoin operating on the Solana blockchain. The FCA clarified that investors will not be protected by the Financial Ombudsman Service in the event of disputes involving this coin. Additionally, investors will also not be covered by the Financial Services Compensation Scheme if the project becomes insolvent.
According to the FCA, investing in Retardio carries high risks, as “If things go wrong, it means you are unlikely to get your money back if the company goes bust.”
This warning comes amidst a series of FCA crackdowns on unregulated cryptocurrencies that target consumers in the UK. Despite the warnings, the market reacted unexpectedly, with Retardio’s value increasing by 16%. The memecoin’s market capitalization recently reached $111 million, although it previously reached nearly $240 million. Currently, Retardio is trading at $0.09011.
The Retardio community quickly responded to the warning with humor on social media, which apparently further fueled demand for the token.
Meanwhile, the FCA has been intensifying its efforts to regulate the cryptocurrency market more broadly. The agency recently released a discussion paper seeking input from the industry on the regulatory framework for this sector. This year, the FCA expanded its dedicated cryptocurrency team to over 100 staff members, with the policy team growing rapidly. These developments reflect the regulator’s commitment to adapting and responding to market dynamics.