MiCA's cleanup is creating a new scam wave across the European Union

One of the most common methods involved fraudsters claiming the FCA had recovered funds from a crypto wallet opened illegally in the victim's name. The FCA told CoinDesk that screen-sharing software was increasingly being used to help set up fake crypto accounts on victims' behalf.

Genuine exchanges are contacting customers about withdrawals, transfers, and account restrictions, making it easier for fraudsters to mimic official communications and create a sense of urgency.

The AFM and AMF reiterated the same point, stating that they never ask people to transfer funds nor do they ever contact customers via private messages. The AMF publishes warnings on its website. The AFM directs investors to its own register alongside ESMA's.

For investors navigating the migration, regulators offered one consistent instruction: verify the specific legal entity holding MiCA authorization, not just a parent brand, before moving any assets.

MiCA's investor protections apply only when users are served by a regulated EU operation. A firm's broader group brand holding a license elsewhere does not cover all subsidiaries.