Crypto Scams Surge After EU’s MiCA Rollout as Fraudsters Pose as Regulators
Summary
- More than 1,700 unlicensed crypto platforms halted services after the EU’s MiCA regime took full effect, leaving as many as 10 million users needing to move their assets.
- Scammers are targeting investors by impersonating regulators, directing them to fake platforms, and demanding upfront fees, prompting ESMA, the AMF and the AFM to urge users to check official registers.
- The UK received 4,465 reports of FCA impersonation in the first half of 2025, with 480 people suffering losses, and the FCA said scams involving screen-sharing software to open fake crypto accounts are increasing.
Forecast Trend Report by Period
Crypto scams are rising after the European Union’s Markets in Crypto-Assets, or MiCA, regime took full effect, as fraudsters exploit confusion among users leaving unlicensed platforms.
CoinDesk reported on Aug. 16 that more than 1,700 unlicensed crypto platforms stopped serving EU customers after MiCA was fully implemented on July 1 and were required to direct users to authorized alternatives. Only 323 firms held valid MiCA authorization at the time, leaving as many as 10 million users needing to move their digital assets.
The tactic is simple. Scammers copy legitimate platform migration notices or pose as regulators to direct users to fake platforms. A spokesperson for France’s Autorité des Marchés Financiers said fraudsters have been impersonating AMF staff and asking victims to pay upfront fees to recover stolen funds. The European Securities and Markets Authority has also acknowledged that criminals are misusing its name and logo, including in forged documents.
The Dutch Authority for the Financial Markets told CoinDesk that the migration process from unlicensed exchanges has itself become an attack surface and that fraudsters may target retail investors searching for authorized platforms. It urged users to check platforms against ESMA’s official register before moving assets and to treat unsolicited requests to transfer funds with suspicion.
The UK’s Financial Conduct Authority said it received 4,465 reports of FCA impersonation in the first half of 2025, and 480 people suffered losses. It also said scammers are increasingly using screen-sharing software to open fake crypto accounts in victims’ names.
Regulators have stressed that they do not ask people to transfer funds or initiate contact through private messages. They also said MiCA’s investor protections apply only when services are provided through an EU-authorized entity, and urged users to verify the actual licensed entity rather than relying on a parent company’s brand before transferring assets.
