Malta Regulator Flags Surge in Crypto Scams Exploiting MiCA Transition Uncertainty

The Malta Financial Services Authority has issued a warning about an increase in crypto scams exploiting the transition to the Markets in Crypto-Assets Regulation (MiCA) in the European Union.

Fraudsters are impersonating crypto-asset service providers, financial regulators, and supervisory authorities to persuade consumers to transfer their crypto-assets to accounts controlled by criminals.

The MFSA has received reports of scammers using email, telephone calls, messaging applications, social media platforms, or fake websites designed to resemble legitimate organisations.

Fraudsters may falsely claim to represent national regulators or European supervisory authorities and use forged documents, fraudulent correspondence, and copied branding to make their communications appear genuine.