Key facts
- Fraudsters are impersonating financial regulators and crypto businesses in the EU.
- Scammers are using fake websites and falsified documents to target customers.
- This trend has increased since the July 1 deadline for MiCA licensing.
- Companies failing to secure EU licenses must wind down or transfer operations.
- ESMA has warned that criminals may target customers seeking alternative licensed providers.
European financial watchdogs have observed a rise in impersonation scams targeting cryptocurrency users following the July 1 deadline for compliance with the Markets in Crypto-Assets (MiCA) Regulation. Criminals are reportedly creating fake websites and using forged documents to pose as financial regulators and legitimate crypto businesses. These fraudsters aim to trick customers of firms that have failed to obtain necessary EU licenses, compelling them to transfer their assets to fraudulent entities. Officials from France's Autorité des Marchés Financiers (AMF) have reported instances where scammers impersonated AMF representatives. The European Securities and Markets Authority (ESMA) also confirmed that its identity and logo have been misused, warning that criminals may target individuals searching for alternative licensed providers. As of late July, only 323 crypto companies had secured licenses, while an estimated 1,700 unlicensed firms were required to cease operations or transfer their business.