The U.K.’s Financial Conduct Authority issued a public notice against Solana meme coin Retardio, while holders celebrated a 16% price surge following the news.
Retardio, a viral Solana (SOL) meme coin project, may be providing or promoting financial services without regulatory permission, the FCA announced in a Dec. 16 update.
Engaging with the meme coin disqualifies investors from using the Financial Ombudsman Service, the FCA’s complaint resolution channel. Retardio buyers are also excluded from protections offered by the Financial Services Compensation Scheme.
“This means it’s unlikely you’d get your money back if the firm goes out of business,” according to the FCA notice.
Retardio is a popular Solana meme coin with a $111 million market cap. The token spiked 16% following the FCA’s notice, after previously peaking near $240 million. The Retardio community responded to the news with memes and jokes on social media.
The FCA issued a similar notice against the meme coin launchpad Pump.fun in early December. Pump.fun subsequently restricted platform access for U.K. users.
FCA crypto scrutiny amped ahead of 2025 plan
Also on Dec. 16, the FCA released a paper proposing tighter restrictions on public crypto offers. The regulator plans to ban unregulated firms from providing services, building on 2023’s prohibition of digital asset promotions targeting U.K. investors.
U.K. authorities plan to implement crypto regulations by 2025, crypto.news reported in November. Officials said stablecoins and staking would likely fall within the purview of introduced policies.
Thought leaders like On Chain partner Brett Hillis opined that Britain must standardize its digital asset frameworks, especially following Donald Trump’s re-election. The government holds Bitcoin worth over $6 billion, mostly from criminal seizures.
+ There are no comments
Add yours