EU Regulators Warn of Impersonation Scams Following MiCA Rollout

The European Securities and Markets Authority (ESMA) and national watchdogs report a surge in impersonation cases since the July 1 deadline. Under the Markets in Crypto-Assets (MiCA) regulation, firms failing to secure authorization were required to wind down operations or transfer clients to licensed providers. This migration has created a window for bad actors to target users searching for legitimate services.

Stéphane Pontoizeau of France’s Autorité des Marchés Financiers (AMF) noted that scammers are mimicking official portals to trick victims into moving assets under the guise of compliance. ESMA confirmed that criminals are actively using its name, logo, and fabricated documents to establish credibility. While ESMA’s public registry now lists 323 authorized companies, industry data suggests over 1,700 unlicensed firms were expected to exit the market, leaving a significant number of displaced users vulnerable to these sophisticated social engineering tactics.