EU watchdogs warn of MiCA impersonation scams

• EU financial watchdogs warned that scammers are falsely claiming MiCA authorisation to target crypto users.
• Fraudsters may impersonate authorised crypto firms or claim regulatory approval to gain trust and steal funds.
• Regulators urged consumers to check providers against ESMA’s official MiCA register before using crypto services.

European Union financial watchdogs warned crypto users about scams involving false Markets in Crypto-Assets Regulation, or MiCA, authorisation claims.

The warning came from the European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority.

Scammers may also impersonate legitimate crypto providers and use fake websites, emails or social media profiles to target consumers.

The watchdogs advised consumers to verify whether a crypto provider appears on ESMA’s official MiCA register before transferring funds.

MiCA introduced EU-wide rules covering crypto service providers and certain digital assets, including stablecoins.

The regulators said MiCA provides consumer protections but does not eliminate losses from scams, cyberattacks or crypto price movements.