EU Regulators Warn Crypto Users as MiCA Scams Increase

Highlights:

• EU regulators warn that fraudsters are exploiting MiCA licensing changes to impersonate exchanges and steal cryptocurrency.
• More than 1,700 unlicensed crypto firms may leave the EU, forcing customers to choose new providers.
• Authorities urge users to verify websites, avoid urgent transfer requests, and check official MiCA licence registers.

Fraudsters are impersonating cryptocurrency exchanges and financial regulators as the European Union completes its transition to new crypto licensing rules. According to an August 6 report by the Financial Times, several European watchdogs have recorded an increase in scams targeting customers of unlicensed crypto companies.

The scams followed the July 1 deadline under the Markets in Crypto-Assets Regulation, widely known as MiCA. Crypto companies that failed to receive authorization can no longer legally serve EU customers. As a result, many affected businesses must close, sell their operations, or transfer customers to licensed providers. Criminals are using this disruption to send fake messages and create fraudulent websites. They then ask customers to transfer their cryptocurrency to accounts controlled by the scammers.

UPDATE: 🇪🇺EU regulators warn crypto scams are rising as fraudsters exploit MiCA-related shutdowns by impersonating exchanges and watchdogs.

Firms that missed the July 1 licensing deadline must tell customers to move their assets, creating an opening for criminals to exploit the… pic.twitter.com/nX81DhhMuS

— Coin Bureau (@coinbureau) August 6, 2026

Fraudsters Impersonate Crypto Exchanges and Regulators

France’s Autorité des Marchés Financiers, or AMF, has identified several cases involving fraudsters pretending to represent the regulator or a crypto exchange. Stéphane Pontoizeau, an executive director at the AMF, said the licensing transition had created greater opportunities for criminals. “This moment is an opportunity for scammers more than usual,” Pontoizeau said.

According to the regulator, scammers have contacted customers and directed them to fake websites designed to steal their crypto assets. The AMF has warned consumers about the scheme and plans to inform law enforcement when it finds criminals impersonating regulators or licensed companies.

The European Securities and Markets Authority, known as ESMA, has also identified fraudulent activity involving its name. The regulator said criminals had misused its logo and identity, including through fake documents used to promote scams. Meanwhile, the Netherlands’ Authority for the Financial Markets warned that criminals may target people searching for a new licensed crypto provider.

More Than 1,700 Crypto Firms Face EU Exit

Only 323 cryptocurrency companies had secured MiCA licences by the end of July, according to ESMA’s updated register. However, data provider VASPnet previously estimated that more than 1,700 unlicensed companies would need to stop operating in the EU.

Major exchanges including Coinbase, Kraken and OKX have received authorization under the new framework. Binance, the world’s largest crypto exchange by trading volume, remained one of the most prominent companies without EU approval at the time of the report.

The large number of unlicensed firms means many customers may need to withdraw their funds or move them to another platform. However, urgent transfer requests can make it harder for users to separate genuine company instructions from fraudulent messages.

EU Watchdogs Urge Crypto Users to Avoid Urgent Transfers

The French regulator has avoided imposing an aggressive deadline on unlicensed companies closing their local operations. The approach is intended to reduce panic among customers because criminals often use urgency to pressure victims into making quick transfers.

Dutch authorities also advised crypto users to verify information through official websites and mobile applications before transferring funds. Users should avoid sending assets when they cannot confirm that a request is genuine. Crypto scam losses worldwide reached $17 billion last year, up from $6 billion five years earlier, according to blockchain analysis company Chainalysis. Impersonation fraud was also among the fastest-growing types of cryptocurrency scams.

Customers affected by the MiCA transition should check ESMA’s official register before selecting a new provider. They should also avoid unexpected links, fake documents and messages demanding an immediate crypto transfer.