The new European cryptocurrency regulation MiCA aims to increase investor protection, but scammers are also exploiting the transition to the licensing regime. They impersonate financial regulators or cryptocurrency companies and use fake websites to convince users to transfer their digital assets to them.
Table of Contents – MiCA:
- Don't miss: Binance Seeking New MiCA License in the EU
- Fake Regulator Prompts Client to Transfer Cryptocurrencies
- Scammers Also Abuse ESMA's Name
- Only a Minority of Crypto Companies Obtained Licenses
- Urgent Request for Money Transfer Is a Warning Sign
- MiCA Aims to Protect Investors, but Scams Won't Disappear
- From the reviews section: crypto4me review
European financial regulators are recording an increase in scams related to the transition of cryptocurrency companies to the new licensing regime under the European Markets in Crypto-Assets regulation, known by the acronym MiCA. According to findings reported by the Financial Times, scammers primarily target customers of platforms that failed to obtain the necessary European authorization in time.
July 1, 2026, became a crucial moment. By this date at the latest, companies that previously operated based on national registrations could use the transitional period. Providers who did not obtain a license under MiCA must terminate their services in the European Union, or sell or transfer their activities to another company.
Customers of unlicensed companies may therefore be forced to withdraw their cryptocurrencies, move them to their own wallet, or find another provider. The moment when people expect instructions to transfer their assets creates an ideal environment for scammers.
Don’t miss: Binance Seeking New MiCA License in the EU
Fake Regulator Prompts Client to Transfer Cryptocurrencies
Fraudulent campaigns take several forms. Perpetrators impersonate employees of a cryptocurrency exchange, financial regulator, or other trustworthy institution. They then contact the client claiming that their current provider does not have a license and that it is therefore necessary to transfer cryptocurrencies immediately.
Stéphane Pontoizeau from the French authority Autorité des Marchés Financiers, or AMF, stated that the regulator has recorded cases in which scammers impersonated its employees directly. They referred clients to fake websites where they were supposed to transfer their assets.
According to Financial Times information, perpetrators contacted customers on behalf of the French regulator and tried to persuade them to send their digital assets through fraudulent websites.
These may at first glance look almost identical to the actual exchange or authority’s websites. They often use similar web addresses, official-looking graphics, logos of well-known institutions, or urgent calls for quick action.
Scammers Also Abuse ESMA’s Name
The name of the European Securities and Markets Authority is also being abused. ESMA stated that it is aware of fraudulent practices involving unauthorized use of its identity and logo. According to the regulator, perpetrators also use forged documents designed to convince potential victims that they are communicating with the actual European institution.
Scammers may particularly target customers who are looking for a replacement for an unlicensed cryptocurrency platform. The uncertainty around whether a particular exchange may continue operating in the European Union makes it easier for them to create a credible-sounding story.
ESMA also maintains a central register of entities operating under the MiCA regulation. It includes, among other things, authorized cryptocurrency service providers and information about entities that do not comply with European rules. Data is submitted to the register by national financial regulators and the European Banking Authority.
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Only a Minority of Crypto Companies Obtained Licenses
The scope of changes in the European cryptocurrency market is also shown by the number of licenses granted. According to the ESMA list updated at the end of July, only 323 cryptocurrency companies have obtained authorization under MiCA.
Data company VASPnet previously estimated that more than 1,700 unlicensed companies would have to cease their activities. Some of them may transfer their business to a licensed partner, while others will leave the European market completely.
The MiCA regulation itself introduces uniform rules for cryptocurrency service providers across the European Union. It regulates, for example, conditions for obtaining a license, protection of client assets, transparency of services provided, or supervision of trading in digital assets.
The aim of the regulation is to replace the fragmented system of national registrations with a unified European framework. For customers, a license should represent a signal that the provider meets requirements for capital, corporate governance, and client protection. However, the transition between the old and new systems has also caused many users to be uncertain about which platforms can continue to legally offer services.
Urgent Request for Money Transfer Is a Warning Sign
Regulators therefore recommend proceeding cautiously whenever someone contacts a user with a request to move cryptocurrencies. Particularly suspicious is communication that creates time pressure, threatens immediate account blocking, or requests a transfer to a predetermined cryptocurrency address.
Users should first independently verify whether their provider is actually terminating and whether the company to which they are supposed to transfer assets has a valid license. Verification can be done through the ESMA register or on the website of the relevant national regulator.
A link sent in an email, text message, or via social media should not be opened automatically by the customer. It is safer to manually enter the exchange or authority’s address into a web browser and verify any changes directly in the provider’s official app.
Moreover, financial regulators do not routinely ask consumers to send cryptocurrencies to a specific address. A request from an alleged official to transfer bitcoin, ether, or stablecoins should therefore be considered a major warning sign.
MiCA Aims to Protect Investors, but Scams Won’t Disappear
The new European framework should gradually increase transparency in the cryptocurrency market and limit the operation of untrustworthy companies. However, the introduction of licenses alone cannot prevent perpetrators from abusing the names of regulated companies and institutions.
Moreover, the current wave of scams shows that not only investment offers promising extraordinary profits may be dangerous. A scammer can also appear as an official, customer support worker, or representative of an allegedly licensed exchange.
The basic rule therefore remains the same: before transferring cryptocurrencies, it is necessary to verify not only the recipient’s identity, but also the correctness of the address and the actual licensing status of the company in question. Transactions executed on the blockchain typically cannot be easily canceled or recovered.
From the reviews section: crypto4me review
