EU Watchdogs Warn of Impersonation Scams in Crypto Market Amid MiCA Licensing Deadline

The European Union's Markets in Crypto-Assets (MiCA) Regulation has led to a surge in impersonation scams targeting customers of crypto service providers that failed to secure EU licenses.

Since July 1, companies that didn't obtain approval must wind down or transfer their operations. Stéphane Pontoizeau, an official at France's Autorité des Marchés Financiers (AMF), noted cases where fraudsters impersonated AMF representatives and directed users to transfer assets via fake websites.

The European Securities and Markets Authority (ESMA) is aware of scammers misusing its identity and logo. It warned that criminals may target customers searching for an alternative licensed provider.