Crypto scams surge after MiCA deadline in EU
6.6 Security Impersonation scams have surged after the MiCA deadline, with fraudsters posing as EU regulators and crypto firms to steal assets. Authorities urge users to verify all communications.
The end of the EU’s Markets in Crypto-Assets (MiCA) regulation transition period on July 1 has led to a sharp rise in impersonation scams targeting crypto users. Criminals are pretending to be representatives of European regulators like ESMA and the French AMF, as well as staff from crypto exchanges, in order to trick users into transferring assets to fraudulent websites or wallets. These scams take advantage of legitimate closure and migration notices, as over 1,700 unlicensed crypto firms are required to halt EU operations, while only 323 firms have obtained licenses. Authorities emphasize that neither ESMA nor national regulators ever instruct consumers to transfer crypto to regulator-controlled wallets. Users are urged to verify the authenticity of all communications before moving funds. Several EU watchdogs have reported a significant increase in such scams, with fraudsters using fake websites, documents, and support accounts to deceive users during this period of regulatory change.
