Following the implementation of the MiCA rules on July 1, scammers in the EU have begun posing as regulators and crypto services, redirecting victims to fake accounts and websites. This is reported by the Financial Times citing regulatory authorities.
Stéphane Pontoizeau, Executive Director of the Department for the Supervision of Market Intermediaries at the French Financial Markets Authority (AMF), stated that the initial period of the new law provides malicious actors with more opportunities than usual.
The AMF has recorded cases where unknown individuals presented themselves as employees of the regulator or crypto companies, convincing clients of services that had not yet obtained a license to transfer assets to supposedly legal platforms.
The European Securities and Markets Authority (ESMA) reported on fraudulent practices using the name and logo of the authority, including counterfeit documents.
The Dutch Authority for the Financial Markets also warned that malicious actors could deceive investors and consumers looking for alternative licensed providers.
"People facing doubts and problems caused by the closure of their European crypto service will be more susceptible to traps set by criminals who create fake websites and try to force them to transfer their money," added Tom Keatinge, Founding Director of the Centre for Financial Crime and Security at the Royal United Services Institute in the UK.
Recall that in July, the head of the Anti-Money Laundering Unit, Bruna Segó, warned of risks after the end of the MiCA transition period. In her opinion, user migration could overload crypto services in the EU.
Total Chaos of MiCA Licensing
