Scammers exploit Europe's new MiCA regulations to impersonate regulatory authorities and defraud users of their assets.

TechFlow News, August 06: According to the Financial Times, after the transition period of the EU Markets in Crypto-Assets Regulation (MiCA) ended on July 1, impersonation scams targeting crypto users have increased. Scammers impersonate staff from the European Securities and Markets Authority (ESMA), French Financial Markets Authority (AMF), or exchanges, claiming that the platform is unlicensed and assets need urgent migration, inducing users to transfer assets to fake websites or wallets.

Data shows that currently only 323 crypto enterprises have obtained licenses, and according to VASPnet estimates, more than 1700 unlicensed institutions may need to cease operations.