MiCA deadline sparks EU exchange-migration scams via fake regulators

After the MiCA deadline on July 1, EU regulators say scammers surged by weaponizing the exchange-migration wave. More than 1,700 unlicensed crypto platforms were told to stop serving EU users, creating a migration gap as up to 10 million users moved to MiCA-authorised providers. Fraudsters copied real migration notices and impersonated regulators, then routed victims to attacker-controlled sites and asked for fund transfers via private messages. France’s AMF warned of scams mimicking AMF staff, including requests for upfront “administrative fees” to “recover” stolen funds. ESMA said criminals are misusing its name, identity and logos, often with falsified documents, to claim user assets are at risk. The Netherlands’ AFM and Austria’s FMA focused on the process risk: retail users switching providers are vulnerable during the transition. Regulators urged traders to verify the exact legal entity on ESMA’s authorised CASP register before transferring and to treat unsolicited messages requesting transfers as suspicious. In the UK, the FCA reported 4,465 cases of fake FCA impersonations in the first half of 2025, with 480 victims tricked into paying money, including schemes using screen-sharing to create fraudulent accounts. ESMA also warned that providers not on its register should stop onboarding new EU clients and can only handle actions tied to selling, transferring out, reallocating, or closing positions. For traders, the MiCA deadline migration phase mainly increases operational and liquidity risk (deposit/withdrawal interruptions and fear-driven sell pressure) rather than changing crypto fundamentals.