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EU regulators have warned that scammers are targeting crypto users after the Markets in Crypto-Assets transition ended on July 1. Fraudsters are posing as regulators and licensed exchanges while customers move accounts from providers that lack MiCA approval.
The European Securities and Markets Authority, France’s AMF and the Dutch AFM have reported deceptive activity linked to the change. Criminals use logos, copied websites and urgent transfer requests to direct crypto into wallets they control.
Crypto firms without MiCA authorization must now stop or restrict services for clients across the European Union. This process leaves some customers searching for approved platforms, updating identity records or moving assets into accounts.
Scammers copy those steps and present their messages as compliance instructions. They may claim that a transfer is required to protect funds, complete verification or prevent an account restriction. The request then directs the user to a fake website or wallet.
Stéphane Pontoizeau, an executive director at France’s Autorité des Marchés Financiers, called the transition ‘an opportunity for scammers more than usual.’ The AMF has found cases involving people who posed as its staff and instructed customers to transfer assets to fraudulent sites.
Meanwhile, the Dutch Authority for the Financial Markets warned that criminals could target investors seeking a licensed provider. The warning covers users leaving firms that failed to obtain authorization before the deadline.
ESMA has also identified scams that use its name, logo and visual identity. The regulator told users not to engage with suspicious messages and advised them to report suspected fraud to their national authorities.
Official ESMA emails end in ‘@esma.europa.eu.’ The authority does not ask investors to send cryptocurrency for regulatory checks or compliance. Users can verify any request by visiting the regulator’s website directly instead of opening links in unexpected emails.
Fraudsters create urgency around legal duties or account access. They use regulatory terms and branding to make their instructions look credible. However, the scheme depends on persuading users to act before checking the sender or destination.
France’s AMF has avoided setting a closure timetable for unauthorized firms, according to the Financial Times. That approach aims to reduce confusion while providers wind down services and customers arrange transfers.
Around 320 entities had obtained MiCA authorization by August 5, according to ESMA’s register. Licensed providers can offer services across EU member states under one regulatory framework.
By comparison, VASPnet estimated that more than 1,700 firms would need to stop serving EU clients. The gap creates a pool of customers who may receive real notices about closures, account changes and asset transfers.
Each migration message gives scammers a format they can copy. They can pose as the departing provider, a newly licensed exchange or a public authority. Their websites may use colors, logos and forms to collect login details or request transfers.
National regulators continue publishing warnings and lists of unauthorized providers. Belgium’s Financial Services and Markets Authority has reminded investors that crypto holdings generally do not qualify for compensation if a platform fails or fraud occurs.
Regulators advise users to check firms through official registers and contact providers through verified channels. Customers should type website addresses themselves, inspect email domains and reject requests to send crypto for MiCA compliance.
Also Read: Crypto News Today: ESMA Launches Sweeping Crypto Custody Review After MiCA Deadline
