MiCA Transition Fuels Rise in Crypto Impersonation Scams Across EU

The European Union’s implementation of the Markets in Crypto-Assets (MiCA) framework has created a new opportunity for scammers, with fraudsters impersonating regulators and licensed crypto platforms to target users moving assets from unlicensed providers.

Since MiCA’s full implementation on July 1, more than 1,700 unlicensed crypto platforms have been required to stop serving EU customers or direct users toward licensed alternatives. At the time, only 323 firms held valid MiCA authorisation, leaving millions of users facing the need to migrate their digital assets.

European regulators have warned that scammers are exploiting this transition by copying legitimate migration notices, creating fake websites and using forged documents to convince users to transfer funds.

France’s Financial Markets Authority (AMF) said scammers have impersonated its employees and demanded upfront fees from victims supposedly seeking to recover stolen funds. The European Securities and Markets Authority (ESMA) has also confirmed that criminals are misusing its name and logo.

The Netherlands Authority for the Financial Markets (AFM) warned that the migration process itself has become an attack surface, urging investors to verify crypto providers through official registers before transferring assets. Austria’s Financial Market Authority issued a similar warning following the loss of legal status by hundreds of platforms.

Regulator impersonation is not limited to the EU. The UK’s Financial Conduct Authority (FCA) recorded 4,465 reports of fake FCA impersonations during the first half of 2025, with 480 victims suffering financial losses.

European regulators stressed that they do not request fund transfers through private messages or contact consumers to arrange payments. Investors should verify the specific legal entity holding MiCA authorisation rather than relying solely on a familiar brand name, as a licence held by a parent company or overseas subsidiary does not automatically cover other entities within the group.