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Scammers impersonate EU regulators as MiCA deadline hits
French and EU watchdogs warned that over 1,700 unlicensed crypto firms must wind down after the July 1 MiCA cutoff, leaving customers vulnerable to rushed fund transfers to fake sites.
Fraudsters are impersonating European regulators, including ESMA and France's AMF, to target crypto customers affected by the EU's MiCA transition deadline, according to Decrypt. The EU's Markets in Crypto-Assets Regulation took effect across the bloc after its July 1 deadline, leaving more than 1,700 unlicensed firms required to wind down EU operations. ESMA says more than 323 firms have secured a MiCA license, while data from VASPnet estimated last month that the remaining unlicensed companies would have to cease operating. Watchdogs warned that criminals are using regulator logos and identities in falsified documents and reaching out as if they were regulators or crypto exchanges. Chainalysis estimates crypto scam and fraud losses totaled $17 billion last year, up from $6 billion in 2020, and the AMF says it has recorded cases where scammers posed as its staff and told customers to move assets to fake websites. Regulators also cautioned against manufactured urgency during account switching. The AMF said it has not set an aggressive wind-down date in France, and it urged customers to verify any third-party request to move funds against official provider channels, with cases involving impersonation to be referred to law enforcement.