MiCA Shake-Up Leaves Crypto Users Vulnerable to Scams
The EU's new crypto regulations have created an opportunity for scammers to target users. Since July 1, when the Markets in Crypto-Assets Regulation (MiCA) deadline passed, criminals have been impersonating official regulators or licensed exchanges to trick users into sending assets to fraudulent websites.
According to Stéphane Pontoizeau, an executive director at France's Autorité des Marchés Financiers (AMF), 'This moment is an opportunity for scammers more than usual.' He notes that the regulator has seen cases where criminals pretend to be AMF staff or licensed exchanges and direct customers to transfer assets to fraudulent websites.
The disruption caused by the new regulations has forced hundreds of companies previously operating under national rules to wind down or exit the EU. The European Securities and Markets Authority (ESMA) lists 323 firms that have obtained MiCA licenses, while data provider VASPnet estimates more than 1,700 unlicensed companies must shut down.