Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
UK Cracks Down on Unlicensed Crypto Amid Memecoin Frenzy

UK Cracks Down on Unlicensed Crypto Amid Memecoin Frenzy

Cryptodnes2024/12/17 18:00
By:Cryptodnes

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.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Tether CEO Sees $10 Billion in Profits for 2024

Ardoino outlined plans for the coming year, 2024, to continue growing Tether's investment portfolio, particularly in emerging technologies such as artificial intelligence.

Cryptotimes2024/12/22 02:11

Michael Saylor Proposes Digital Assets Framework For US

The right to create and issue digital assets will be retained by issuers, but it will require them to make disclosures and act ethically.

Cryptotimes2024/12/22 02:11