UK FCA Flags Retardio Solana For Unregulated Financial Services Promotion

The UK Financial Conduct Authority (FCA) has boldly called out crypto project Retardio Solana for unlawful practices in the region. As detailed in a publication on Monday, the regulator said Retardio Solana has been promoting and providing financial services or products without permission. The update came as an attempt by the regulator to warn members of the public to “beware of scams.”

The Retardio Solana Flag

As the UK FCA noted in its publication, some firms may give incorrect details, including postal addresses, telephone numbers, and email addresses. The regulator also noted that outfits like Retardio Solana may change their contact details over time. Another flagged gimmick is that they give the public details of other firms to present a genuine front.

As the FCA confirmed, users who deal with this firm will not have access to the Financial Ombudsman Service in case of any complaint. In extreme cases where things go wrong like loss of funds, the FCA said users will not receive any form of compensation.

In light of this, the FCA reiterated that unlike Retardio Solana, users should deal with registered crypto firms. It shared a link to the register where a comprehensive list of approved firms are. Exploring the register, firms like Coinbase Institutional UK Limited, Crypto Facilities Ltd, and Gemini among licensed firms.

Meanwhile, Retardio Solana has a limited information regarding the project. It brands itself as a digital collectible outfit with the Retardio Cousins collection hosted on Magic Eden. The project has a niche followership with over 11,000 members on Telegram.

UK FCA and Global Crypto Regulation

Over the past few weeks, the government has placed a defined radar on digital currency service producers. As reported earlier by Coingape, the memecoin launchpad Pump Fun is no longer supported in the United Kingdom.

This ban follows reports of risky practices from some users of the platform’s streaming service. As many investors are embracing memecoins and its get rich quick model, they begin to pose threats to themselves and the public. The UK FCA has always warned of related fraudulent practices, a trend that aligns with the global movement to rein in the industry.

Meanwhile, the United States is bound to lead a crypto regulation push in the broader industry. With Donald Trump as President, pro-crypto lawmakers in key positions and Paul Atkins as SEC Chairman, the projection for a positive switch in crypto market is high.