- Reports said fraud has surged during the wind-down of unlicensed crypto platforms following the EU’s MiCA rollout, with scammers exploiting the transition.
- Authorities said scams involving impersonation of regulators including AMF, ESMA, AFM and FCA, forged documents and the use of screen-sharing software to create fake crypto accounts are increasing.
- Regulators urged users to verify authorized platforms and check ESMA’s official register, and to be wary of unsolicited fund-transfer requests, stressing that MiCA investor protection applies only when using an authorized legal entity within the EU.
Forecast Trend Report by Period
Fraud linked to the European Union’s Markets in Crypto-Assets, or MiCA, framework has surged since the rules took full effect, as scammers exploit confusion during the shift away from unlicensed crypto platforms.
CoinDesk reported on August 16 that more than 1,700 unlicensed crypto platforms were required to stop serving EU customers and direct them to authorized alternatives after MiCA took full effect on July 1. Only 323 firms held valid MiCA authorization at the time, leaving as many as 10 million users needing to move their digital assets.
The tactics are straightforward. Scammers are copying legitimate platform migration notices or posing as regulators to steer users to fake platforms. A spokesperson for France’s Autorité des Marchés Financiers said fraudsters have been impersonating AMF staff and demanding upfront fees from victims to recover stolen funds. The European Securities and Markets Authority said its name and logo have also been misused in crimes, including on forged documents.
The Netherlands Authority for the Financial Markets told CoinDesk that the migration process for unlicensed exchanges has itself become an attack surface. The regulator said 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 for fund transfers with suspicion.
The UK Financial Conduct Authority said it received 4,465 reports in the first half of 2025 involving scammers impersonating the FCA, with 480 people suffering actual losses. It also said fraudsters are increasingly using screen-sharing software to open fake crypto accounts in victims’ names.
Regulators said they do not ask people to transfer funds or make first contact through private messages. They also stressed that MiCA’s investor protections apply only when services are provided through a legal entity authorized within the EU, and urged users to verify the specific licensed entity rather than rely on a parent brand before transferring assets.
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