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The United Kingdom’s Financial Conduct Authority (FCA) issued a warning about the Solana-based “Retardio” project, citing concerns over unauthorized financial promotions and activities targeting UK consumers.
On Dec. 16, the FCA posted a warning against the Retardio project, saying that the token may be providing or promoting financial services without the regulator’s permission.
The watchdog reminded consumers to deal only with FCA-approved firms to ensure adequate protection.
The Retardio project features a Solana-based non-fungible token (NFT) collection that has reportedly achieved $31 million in lifetime sales, according to CryptoSlam. Its associated memecoin, trading under the ticker “Retardio,” is valued at around $0.08 with a market capitalization of about $87 million, as per Dexscreener.
Retardio project claps back at the FCA
According to the FCA, UK-based users who deal with the Retardio project will not have access to the Financial Ombudsman Service, which settles complaints between consumers and financial services businesses.
The regulator also noted that consumers would not be protected by the Financial Services Compensation Scheme (FSCS), a service that protects consumers when financial firms go out of business. “This means it’s unlikely you’d get your money back if the firm goes out of business,” the FCA wrote.
On Dec. 16, the FCA posted a warning against the Retardio project, saying that the token may be providing or promoting financial services without the regulator’s permission.
The watchdog reminded consumers to deal only with FCA-approved firms to ensure adequate protection.
The Retardio project features a Solana-based non-fungible token (NFT) collection that has reportedly achieved $31 million in lifetime sales, according to CryptoSlam. Its associated memecoin, trading under the ticker “Retardio,” is valued at around $0.08 with a market capitalization of about $87 million, as per Dexscreener.
Retardio project claps back at the FCA
According to the FCA, UK-based users who deal with the Retardio project will not have access to the Financial Ombudsman Service, which settles complaints between consumers and financial services businesses.
The regulator also noted that consumers would not be protected by the Financial Services Compensation Scheme (FSCS), a service that protects consumers when financial firms go out of business. “This means it’s unlikely you’d get your money back if the firm goes out of business,” the FCA wrote.
