The FCA has warned that if investors suffer a loss on their investment in Retardio, a memcoin built on the Solana blockchain, or if the project closes, they will not be able to seek help from the Financial Ombudsman Service to recoup their losses.
The Retardio community responded to the FCA warning with memes and jokes on social media. First, the token rate jumped by 16% to $0.12. However, Retardio then lost almost 13% of its value in one day. The token is currently trading at $0.08, and its market capitalization has dropped to $86.01 million.
In early December, the FCA published a similar notice about the memcoin launch site Pump.fun. The platform has since updated its terms of service to restrict access to UK users.
According to the country’s laws, all crypto companies and virtual asset service providers (VASPs) must obtain FCA approval before serving UK customers. Previously, the FCA threatened that the publication of any images related to cryptocurrency topics must be approved by the agency, otherwise violators will face criminal liability.
Source: Bits
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