EU Watchdogs Warn Of Rising Crypto Scams Following MiCA Deadline

EU financial watchdogs are warning of a surge in scams as fraudsters exploit confusion around the Markets in Crypto-Assets regulation, according to the Financial Times. Scammers are targeting users of crypto exchanges that missed the July 1 MiCA authorization deadline, impersonating both regulators and licensed crypto firms to steal funds.

French Regulator Flags Fake Staff Impersonations

Stéphane Pontoizeau, executive director at France’s AMF, said the transition has created “an opportunity for scammers more than usual.” He said the watchdog found cases where suspects posed as AMF staff, directing customers to transfer assets to fraudulent websites. The AMF has avoided setting an aggressive shutdown deadline for unlicensed exchanges specifically to reduce scam risk. The Dutch regulator AFM issued a similar warning, and ESMA said scammers have exploited its logo to promote fraudulent schemes.

MiCA Reshapes Europe’s Crypto Market

MiCA took full effect July 1, bringing crypto firms under a unified EU regulatory framework. About 320 entities have secured licenses as of an August 5 ESMA update, while FT reported over 1,700 firms may need to cease EU operations, citing VASPnet estimates. Binance remains among the most notable firms that missed the deadline without securing a license.