European Union regulators are warning of a rise in impersonation scams after the MiCA licensing rules took effect. Scammers are posing as financial regulators and crypto firms, targeting customers of crypto service providers that failed to obtain an EU license. The fraudsters use fake websites and forged documents to trick users into transferring assets.
France's Financial Markets Authority (AMF) said scammers have impersonated its representatives and directed users to move funds through fraudulent websites, according to AMF official Stéphane Pontoizeau. The European Securities and Markets Authority (ESMA) said it has detected abuse of its identity and branding, including the use of forged documents.
Under the Markets in Crypto-Assets Regulation (MiCA), crypto companies have needed authorization since July 1 to operate in the EU. Unauthorized firms must wind down or transfer their EU business. An ESMA list updated at the end of July shows only 323 licensed crypto companies so far. By comparison, data provider VASPnet previously estimated that more than 1,700 unlicensed companies would have to stop operations.
European regulators are flagging a wave of impersonation scams tied to the rollout of MiCA licensing. The fraudsters, according to warnings from EU authorities, are posing as financial watchdogs and crypto companies. Their targets: customers of crypto service providers that never secured an EU license.
The scams typically rely on fake websites and forged documents to lure asset transfers. France's Financial Markets Authority (AMF) said its representatives have been impersonated. Stéphane Pontoizeau, an official at the AMF, described cases where scammers directed users to move assets through fraudulent sites. The European Securities and Markets Authority (ESMA) separately said it has seen its identity and logo misused, including through forged documents.
MiCA, the EU's Markets in Crypto-Assets Regulation, set a July 1 deadline for crypto firms to obtain authorization. Companies without approval must wind down their EU operations or relocate them. ESMA's latest list, updated at the end of July, shows only 323 licensed crypto companies so far. Data provider VASPnet, by contrast, previously estimated that more than 1,700 unlicensed firms would need to halt operations.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
