Fraudsters pose as regulators and licensed exchanges after MiCA's July 1 deadline. France's AMF and ESMA warn of impersonation scams targeting unapproved platform customers.
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European regulators warned that fraudsters are exploiting confusion around the Markets in Crypto-Assets regulation to impersonate licensed exchanges and government officials.
The scams target customers of crypto platforms that failed to get authorization before the EU's transitional period ended on July 1. Victims have been contacted by people posing as regulators and instructed to move assets to supposedly compliant platforms that are actually fraudulent websites.
Stéphane Pontoizeau, an executive director at France's Autorité des Marchés Financiers, said the regulatory shift created "an opportunity for scammers more than usual."
The AMF identified cases where fraudsters claimed to be members of its staff and contacted customers of unlicensed exchanges. Victims were directed to fake websites where they were told to transfer crypto.
The Dutch Authority for the Financial Markets warned that criminals may target investors searching for an alternative provider after their existing exchange lost access to the region.
ESMA said scammers have used its name, branding and logo to promote fraudulent services. It never contacts investors to recover lost funds or request administrative fees, the regulator said. Criminals may also create counterfeit documents, copy official websites or claim to be investigating a crypto company.
The scams work partly because legitimate exchanges also contact customers about account restrictions, withdrawals and transfers. Fraudsters can imitate those messages and create urgency, the regulators said.
MiCA's main rules applied since December 2024. Eligible crypto companies could continue under national arrangements during a transitional period. That window closed on July 1.
More than 320 legal entities have now received authorization, according to ESMA's interim register, last updated Aug. 5. The Financial Times cited estimates that over 1,700 other entities may have to restrict or discontinue EU operations.
Authorized crypto-asset service providers can offer services across the bloc. Unlicensed firms are expected to implement an orderly wind-down rather than continue normal business, regulators said.
Binance is among the largest exchanges that missed the deadline. It withdrew its MiCA application in Greece and remains in discussions with other EU regulators about a new submission. Co-CEO Richard Teng said in July that the exchange still wants authorization in the region.
ESMA advises investors to check its official MiCA register before transferring assets or opening an account. Users should verify the company's exact legal entity rather than relying only on its brand name. A crypto group may operate several entities under the same branding. MiCA protections apply only when an EU customer is served by the specifically authorized European entity.
Regulators and legitimate exchanges will not ask users to share passwords, recovery phrases or private keys.
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