- EU watchdogs reported more scams after the July 1 MiCA deadline.
- Scammers used fake websites, identities and falsified documents.
- ESMA’s end-of-July list showed 323 licensed crypto companies.
EU watchdogs are warning about MiCA scams as customers look for licensed crypto providers after the bloc’s new authorization deadline. Officials cited by the Financial Times said criminals are targeting users connected to crypto service providers that did not secure European Union licenses under the Markets in Crypto-Assets regulation. Those firms must wind down or transfer their EU operations, which means some customers may need to move assets. Regulators said that transition has created an opening for fraudsters using fake websites, falsified documents and false claims of official backing to reach people searching for a new provider.
MiCA scams emerge after the license cutoff
Several EU watchdogs reportedly saw a rise in fraudulent activity after the July 1 deadline for authorization under MiCA. The reported MiCA scams appeared as companies without approval faced pressure to stop operating or transfer their EU business, leaving customers to decide where to move assets and which licensed services they could trust.
Officials said this transition period may expose customers who are searching for a replacement service or trying to understand what happens to their accounts. According to the report, criminals have exploited that uncertainty by pretending to be legitimate crypto businesses or authorities connected to the licensing system and directing users toward fraudulent channels.
Regulators report fake identities and documents
Stéphane Pontoizeau of France’s Autorité des Marchés Financiers said the AMF encountered cases in which fraudsters posed as AMF representatives. In those cases, users were reportedly directed through fake websites and instructed to transfer assets to the scammers, creating the appearance that the request came from a recognized financial authority.
The European Securities and Markets Authority said it was also aware of misuse of its identity and logo. ESMA said falsified documents were used in some of these attempts, and it warned that people looking for an alternative licensed provider could become targets of MiCA scams during the market transition.
MiCA scams and the number of licensed firms
An ESMA list updated at the end of July showed that 323 crypto companies had obtained licenses. That figure offers a snapshot of the firms approved to operate after the MiCA authorization process took effect and gives customers a reference point when checking whether a provider is recognized within the EU framework.
Data provider VASPnet had previously estimated that more than 1,700 unlicensed companies would need to cease operations. That gap helps explain why many customers may now be searching for other providers in the EU market, a shift that regulators say has created more opportunities for MiCA scams and impersonation attempts.
Conclusion
The reported rise in MiCA scams came as the EU license deadline reshaped the market for crypto firms and their customers. Officials said criminals used fake websites, false identities, logos and falsified documents to exploit people moving assets or searching for a licensed provider. The cases cited by regulators included impersonation of France’s AMF and misuse of ESMA’s identity. With ESMA’s end-of-July list showing 323 licensed crypto companies and VASPnet previously estimating that more than 1,700 unlicensed firms would need to stop operating, watchdogs say the current transition has created conditions that scammers are trying to exploit.
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