The European Union's Markets in Crypto-Assets (MiCA) regulation has inadvertently created an opportunity for scammers to target crypto users. As of July 1, 2026, unauthorized crypto platforms are required to cease operations in the EU, prompting a wave of fraudulent activities. Scammers are impersonating regulatory bodies, such as the AMF and ESMA, to convince users to transfer their cryptocurrencies to fake accounts.
According to the ESMA, 323 companies have registered for authorization, including major exchanges like Coinbase, Kraken, and OKX. However, many unauthorized platforms are still operating, with estimates suggesting over 1,700 companies may need to cease activities in the EU. This has created a fertile ground for scammers to exploit users who are transitioning to new platforms.
Regulatory Response
The AMF and ESMA have warned users about the risks of scams, with the AMF reporting several instances of fraudsters impersonating its staff. The regulators recommend verifying any transfer requests directly through the official website or application of the service provider.
Broader Implications
The risk of scams extends beyond the MiCA transition, with Chainalysis estimating that at least $14 billion was lost to crypto scams in 2025. The use of identity theft scams has increased by 1,400% in the past year, highlighting the need for users to be vigilant when transferring cryptocurrencies.
