UK Cracks Down on Unlicensed Crypto Amid Memecoin Frenzy

The UK government has taken action against unauthorized cryptocurrency projects, warning investors about the risks associated with unregulated financial services.

Among the highlighted cases is Retardio, a Solana-based memecoin flagged for operating without proper authorization.

Although not listed on major centralized exchanges, Retardio’s market valuation recently surged to $114 million.

This is notable for a project of its type, but it reflects the speculative and risky nature of memecoins. New projects in this space are often vulnerable to fraudulent practices, with developers potentially selling off large amounts of tokens following price hikes.

READ MORE:

Avalanche Unveils Game-Changing Upgrade to Simplify Blockchain Development

The government’s official report also shared details about the project, including its website and social media accounts, urging investors to exercise caution.

Interestingly, despite the warning, the token’s price rose by 22% after the announcement, climbing from $0.090. This unexpected rally highlights the paradox of memecoins, where humor and speculation can often outweigh regulatory concerns.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.