European regulators are warning crypto users about a growing wave of scams following the European Union’s MiCA licensing deadline, as fraudsters impersonate regulators and licensed crypto companies to steal customer funds.
Since July 1, crypto firms operating in the EU have been required to obtain authorization under the Markets in Crypto-Assets (MiCA) framework or stop providing regulated services. As customers move assets to licensed providers or self-custody wallets, scammers have seized the opportunity to target them.
According to reports cited by the Financial Times, criminals have created fake websites and communications posing as financial regulators and authorized crypto firms. In some cases, scammers have impersonated France’s financial regulator, the AMF, convincing users to transfer assets under the false claim of regulatory protection or compliance requirements.
The European Securities and Markets Authority (ESMA) has also warned that fraudsters are using its name, logo, and forged documents to appear legitimate. The regulator noted that users searching for replacement service providers after their previous platform exited the EU market may be particularly vulnerable.
The increase in scams follows one of the largest regulatory transitions in Europe’s crypto industry. Before MiCA, more than 3,000 crypto firms operated under various national registration systems. As of late July, ESMA’s register showed 323 firms had secured MiCA authorization, while more than 1,700 unlicensed companies were expected to leave the market.
Unlike previous national frameworks, MiCA requires ongoing compliance standards covering governance, cybersecurity, capital requirements, complaint handling, market conduct, and anti-money laundering controls.
Recent regulatory actions have further reinforced the new environment. The European Union has introduced additional restrictions affecting Belarus-linked participation in MiCA-authorized firms, while Hungary has removed a separate national crypto validation requirement and begun approving firms directly under the MiCA framework.
Regulators are advising crypto users to be cautious when receiving emails, phone calls, or messages claiming to come from regulators or licensed providers. Investors are encouraged to verify communications through official channels and consult authorized registers before transferring funds or sharing account information.
The warning highlights how major regulatory changes can create opportunities for criminals, particularly when large numbers of customers are moving assets and searching for new service providers.
