Crypto meme project Retardio has been red-flagged by the UK’s Financial Conduct Authority [FCA].
Why should you pay attention?
- Barring certain exceptions, all firms and individuals must be authorized by the FCA to carry out or promote financial services in the UK
- Retardio is not authorized by the UK regulator and may be “targeting people” per authorities
- If things go haywire, investors will not get regulatory protection
- RETARDIO is trading at $0.081, down 16% in the last 24 hours
Who said what?
- The FCA’s notice read,
“This firm may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and beware of scams”
- Regulators further went on to warn,
“You also won't be protected by the Financial Services Compensation Scheme (FSCS) if things go wrong. This means it's unlikely you'd get your money back if the firm goes out of business”
Zooming out
- In response, Retardio issued a warning against the UK’s financial regulator
- On the official X handle, the team posted:
In other related news
- The UK is considering to ban public crypto offerings
- The FCA released a discussion paper on the incoming crypto regime
- It noted,
“Public offers will be prohibited unless an exemption applies. For example, when made via admission to trading on a CATP [crypto asset trading platform] or when only available to qualified investors, such as institutional investors"
