Hundreds of Firms Forced to Close
European regulators say criminals are taking advantage of the disruption caused by the EU’s new crypto rules, impersonating exchanges and watchdogs to steal customer funds. Officials across several member states report a rise in fraud attempts since July 1, the cutoff for crypto companies to obtain licences under the bloc’s Markets in Crypto‑Assets Regulation (MiCA).
According to the Financial Times, firms that failed to secure approval must now halt operations and instruct customers to move their assets, creating an opening for scammers posing as legitimate authorities.
“This moment is an opportunity for scammers more than usual,” said Stéphane Pontoizeau, an executive director at France’s Autorité des Marchés Financiers (AMF). He said the regulator has already seen cases where criminals pretend to be AMF staff or licensed exchanges and direct customers to transfer assets to fraudulent websites.
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