Following the implementation of the MiCA regulations on July 1, scammers in the EU have begun posing as regulators and crypto services, diverting victims to fake accounts and websites. This was reported by the Financial Times citing regulatory authorities.
Stéphane Pontoizeau, Executive Director of the Market Intermediaries Supervision Department at the French Financial Markets Authority (AMF), stated that the initial period of the new law provides more opportunities for fraudsters than usual.
The AMF has recorded instances where unknown individuals posed as regulator employees or crypto companies, convincing clients of unlicensed services to transfer assets to supposedly legitimate platforms.
The European Securities and Markets Authority (ESMA) reported fraudulent practices using the agency’s name and logo, including fake documents.
The Netherlands Authority for the Financial Markets also warned that fraudsters might deceive investors and consumers seeking alternative licensed providers.
“People facing doubts and issues caused by the closure of their European crypto service will be more susceptible to traps set by criminals who create fake websites and try to make them transfer their money,” added Tom Keatinge, Director and Founder of the Centre for Financial Crime and Security Studies at the Royal United Services Institute in the UK.
In July, Bruno Sego, head of the Anti-Money Laundering Office, warned of risks following the end of the MiCA transition period. She believes user migration could overload crypto services in the EU.
