How the EU’s New Crypto Rules Triggered a Massive Scam Wave
Regulators say scammers are impersonating licensed exchanges and authorities, with 1,062 EEA firms lacking MiCA authorization at the July 1 deadline.
- European regulators report an increase in crypto scams since the July 1 MiCA deadline, when more than 1,700 unlicensed crypto platforms were required to stop serving EU customers and direct them to licensed alternatives.
- Scammers are mimicking official migration notices to exploit the transition window, where up to 10 million users were instructed to move digital assets to licensed providers, creating ideal conditions for fraud.
- WhiteBIT found that nearly 41% of crypto incidents last year involved impersonation or fake offers. The AFM told CoinDesk that "Fraudulent actors may indeed see an opportunity to scam retail investors who are in the process of looking for an alternative licensed provider."
- The AFM and AMF emphasize they never contact customers via private messages or request fund transfers, urging investors to verify providers on the official ESMA register where only 323 companies held valid MiCA authorization.
- Investors must confirm the specific legal entity holds MiCA authorization, as a parent brand's license does not cover all subsidiaries; unsolicited approaches requesting fund transfers should be treated with suspicion.
10 Articles
10 Articles
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