FCA Cautions UK Citizens Against Solana-Based Memecoin

The Financial Conduct Authority (FCA) in the United Kingdom has issued a warning about the Solana-based “Retardio” project. The warning highlights concerns about unapproved financial promotions and activities for UK users.

According to an official report, the FCA urged UK-based users to rely only on financial firms authorized and approved by the watchdog. The agency further noted that authorizing a firm gives greater protection if things go wrong.

According to NFT aggregator CryptoSlam, the Retardio project includes a Solana-based NFT collection that has reportedly generated $31 million in total sales. Its linked memecoin, known by the ticker “Retardio,” is currently priced at approximately $0.08 and has a market capitalization of around $87 million, according to Dexscreener.

FCA Warns UK Citizens on Unauthorized Firms

The securities watchdog noted that UK users engaging with the Retardio project will not have access to the Financial Ombudsman Service, which resolves disputes between consumers and financial services firms.

The regulator also highlighted that consumers would not be covered by the Financial Services Compensation Scheme (FSCS), which provides protection when financial firms fail. The financial services regulator also advised users to consult their registry to verify that the company they interact with is authorized in the UK.

The agency also urged consumers to report unauthorized firms through its official channels. In response, the memecoin and NFT project claimed it had issued a warning against the UK’s financial regulator.

The FCA’s alert serves as a broader reminder for UK investors to exercise caution when dealing with crypto assets and blockchain-based projects, particularly those that operate without proper authorization.

UK Plans a Crypto Transparency

The latest report came as the UK plans to implement a comprehensive regulatory framework for crypto by 2026, signaling a significant step toward promoting transparency and consumer protection in the sector.

According to a Bloomberg report, consultations to draft regulations addressing market manipulation, trading platforms, crypto lending, and stablecoins, among other topics, will commence as early as this quarter.

The FCA also revealed that input from more than 100 entities spanning the crypto and traditional finance sectors has been gathered. Participants include digital asset platforms, financial institutions, trading companies, blockchain analytics providers, and major regulatory organizations such as the Treasury, the Bank of England, and the United States Securities and Exchange Commission (SEC).

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