French, Dutch and EU watchdogs warn of impersonation scams targeting investors amid MiCA’s July 1 deadline. Over 1,700 firms may need to exit, creating a window for fraudsters to mimic regulators and exchanges.
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European financial watchdogs are warning that fraudsters are exploiting confusion around MiCA’s July 1 deadline to impersonate crypto firms and regulators, targeting investors who are going through the transition. The scams have already been flagged by authorities in France, the Netherlands and the European Union.
France’s Autorité des Marchés Financiers identified cases where suspects posed as AMF employees and told customers to move assets to fake websites. Stéphane Pontoizeau, an executive director at the AMF, described the post-deadline period as an unusually favorable opportunity for scammers. The regulator said it has deliberately avoided setting an aggressive deadline for unlicensed exchanges to stop operating, partly to reduce the panic that criminals could exploit.
The Netherlands Authority for the Financial Markets issued a similar warning, saying fraudsters may target investors searching for a licensed alternative. The European Securities and Markets Authority said it was aware of fraudulent campaigns using its logo. Impersonation is spreading on both sides of the transition: attackers target customers leaving unauthorized platforms and those looking for approved replacements.
MiCA became fully effective on July 1 after a transition period. Around 320 entities had obtained licenses on ESMA’s register as of August 5, while earlier estimates suggested more than 1,700 providers might need to cease operations. The gap between authorized and departing firms has made the compliance deadline fertile ground for social engineering, regulators said. Binance was among the exchanges that had not secured authorization, meaning its customers face restrictions and uncertainty that fraudsters can exploit.
ESMA has updated its register four times since the deadline, adding 12 firms on July 31 for a total of 321.
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