UK FCA FUDs Retardio meme coin

The UK Financial Conduct Authority issued a public notice against Solana meme coin Retardio, while its owners celebrated a 16% price increase following the news.

Retardio, a viral Solana (SOL) meme con project, may be providing or promoting financial services without regulatory authorisation, the FCA announced in an update on December 16.

Engaging with meme money prevents investors from using the Financial Ombudsman Service, the FCA’s complaints resolution channel. Deferred buyers are also exempt from the protections offered by the Financial Services Compensation Scheme.

“This means you are unlikely to get your money back if the firm goes bankrupt,” according to the FCA notice.

Retardio is a popular Solana meme coin with a market cap of $111 million. The token surged 16% following the FCA’s notice, after previously peaking at close to $240 million. The Retardio community responded to the news with memes and jokes on social media.

The FCA issued a similar notice against meme coin launchpad Pump.fun at the beginning of December. Pump.fun subsequently restricted platform access for UK users.

FCA’s crypto review strengthened ahead of 2025 plan

Also on December 16, the FCA published a document proposing tighter restrictions on public crypto offerings. The regulator plans to ban unregulated firms from offering services in 2023, building on a ban on digital asset promotions targeting investors in the UK.

UK authorities plan to implement crypto regulations by 2025, Crypto.news reported in November. Stablecoins and staking will likely fall under the policies put in place, officials said.

Thought leaders such as On Chain partner Brett Hillis have stated that the UK should standardize digital asset frameworks, especially following the re-election of Donald Trump. The government holds Bitcoin worth over $6 billion, mostly from criminal seizures.