Scammers exploit MiCA to target crypto exchange customers in EU

Traders Union
All News
Crypto
Scammers exploit MiCA

All news

Top Stories

Editors' Picks

Stocks

Crypto

Economics

Currencies

Commodities

Business & Wealth

Market Voices

Eugene Komchuk

06.08.2026

Scammers exploit MiCA to target crypto exchange customers in EU — How scammers exploit MiCA

European Union financial regulators have warned about a growing number of scams linked to the new Markets in Crypto-Assets regulation, or MiCA. Fraudsters are impersonating licensed crypto companies and supervisory authorities to persuade users to transfer assets to platforms under their control.

According to the Financial Times, scammers are primarily targeting customers of crypto exchanges that failed to obtain authorization to operate in the EU by the July 1 deadline. Companies holding a MiCA license can provide services across the bloc under a single regulatory regime, while unlicensed platforms must wind down operations or restrict services for European customers.

Stéphane Pontoizeau, executive director of the market intermediaries and market infrastructure supervision directorate at France’s Financial Markets Authority, said the transition period had created particularly favorable conditions for scammers. According to him, the AMF has already identified cases in which fraudsters posed as regulator employees and instructed customers to transfer crypto assets to fake websites.

The French regulator also decided against imposing an overly strict deadline for unlicensed exchanges to stop operating. This approach is intended to reduce the risk of scammers exploiting the urgency and uncertainty among users.

The Dutch Authority for the Financial Markets warned of a similar threat. The watchdog believes fraudsters may target investors searching for an alternative licensed platform after their previous provider leaves the market.

The European Securities and Markets Authority also said it was aware of fraudulent projects using the ESMA logo to make their schemes appear legitimate.

When MiCA took effect

The MiCA regulation became fully applicable on July 1 after the final transition period ended. The framework introduced a single set of rules for crypto companies operating across the European Union.

According to an ESMA list updated on Aug. 5, around 320 organizations had obtained MiCA licenses. At the same time, VASPnet estimated, as previously reported by the Financial Times, that more than 1,700 companies could be forced to stop operating in the EU.

Binance became one of the most notable examples. The world’s largest crypto exchange failed to obtain a MiCA license before the July 1 deadline.

What is wrong with the new rules

Obtaining a MiCA license requires a crypto company to establish a legal entity in the EU and comply with requirements covering capital, governance, asset custody, anti-money laundering controls and IT security. For a major exchange, this means restructuring products and internal processes while spending significant amounts on lawyers and compliance specialists. At the same time, enforcement still differs between member states, so the promised single regime does not always eliminate lengthy negotiations with national regulators.

Another problem is that the crypto market is developing faster than legislation. The European Commission is already reviewing whether MiCA reflects current market conditions and is separately examining the regulation of DeFi, staking, crypto lending and NFTs, which were not fully covered by the original framework. The Commission is also considering ways to reduce the administrative burden and comparing the European regime with newer rules in other jurisdictions. As a result, some companies are restricting services in the EU or assessing markets where licensing is faster and regulations better reflect existing crypto products.

As a reminder, the EU is reviewing the MiCA framework.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.