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

According to the Financial Times, impersonation scams targeting crypto users have increased after the transition period of the EU Markets in Crypto-Assets Regulation (MiCA) ended on July 1. Scammers impersonate staff from the European Securities and Markets Authority (ESMA), the French Financial Markets Authority (AMF), or exchanges, using the pretext that platforms are unlicensed or assets require urgent migration to induce users to transfer assets to fake websites or wallets.