UK FCA Flags Solana-Based ‘Retardio’ Project Over Unauthorized Activities

The United Kingdom’s Financial Conduct Authority (FCA) has issued a warning against the Solana-based project “Retardio,” raising concerns over unauthorized financial promotions that target UK consumers. In a notice released on December 16, the FCA stated that the project may be offering or promoting financial services without proper authorization, a breach of the regulator’s rules.

The FCA noted the importance of dealing exclusively with FCA-approved firms to ensure consumer protection. According to the regulator, users interacting with unauthorized projects like Retardio risk losing their money, as they would not have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS).

“This means it’s unlikely you’d get your money back if the firm goes out of business,” the FCA warned. The agency also encouraged users to verify firms through its registry and report unauthorized operations via official channels.

Retardio Responds with Humor Amid FCA Crackdown

The Retardio project, which includes a NFT collection and a memecoin, appeared unfazed by the warning. In a tongue-in-cheek response, the project claimed to have “issued a warning against the UK’s financial regulator.”

Retardio’s NFT collection has reportedly amassed $31 million in lifetime sales, according to CryptoSlam data. Its memecoin, trading under the ticker “Retardio,” currently holds a market capitalization of $87 million, priced at approximately $0.08 as per Dexscreener.

Despite its playful tone, the FCA’s warning highlights ongoing concerns about the rapid growth of unregulated crypto memecoin projects, particularly those relying on viral attention and speculative hype.

Memecoins and the Value of Attention

Animoca Brands Chairman Yat Siu weighed in on the concept of memecoins, describing them as tokens that capture the value of user attention. Siu argued that while traditional social platforms fail to transparently measure the value of user-generated content (UGC), memecoins embed that culture directly into Web3 ecosystems.

“If attention was a token, that’s basically what memecoins represent,” Siu explained, adding that their market value often reflects the collective focus and engagement they command.

The FCA’s notice serves as yet another cautionary reminder for consumers engaging in the speculative world of memecoins and NFTs.