France's financial regulator has issued a warning: scammers are posing as its own staff to trick stranded cryptocurrency customers into moving their assets to fake websites. The fraudsters are exploiting the upcoming deadline for the European Union's Markets in Crypto-Assets (MiCA) regulation, according to the watchdog.
How the Scam Works
The scammers contact customers who have funds stuck on platforms that are not MiCA-compliant. They claim to be from the French financial authority and offer to help transfer the assets to a “safe” platform. Instead, they direct victims to fraudulent websites that steal login credentials and drain accounts.
The regulator said it does not contact customers directly to arrange transfers. It urged anyone receiving such calls or emails to hang up and report the incident.
Why the MiCA Deadline Matters
MiCA, the EU's comprehensive crypto regulation, sets a compliance deadline that has left some platforms scrambling. Customers of non-compliant exchanges may find their assets frozen or inaccessible. Scammers are using that confusion to pose as rescuers.
The watchdog noted that the impersonation scheme is “particularly insidious” because it preys on people already in a vulnerable position. Stranded customers are desperate to move their funds, making them more likely to trust an official-sounding caller.
What Customers Should Do
The regulator advised customers to verify any unsolicited contact independently. Check the official website of the French financial authority for verified contact numbers. Never share passwords, private keys, or seed phrases with anyone.
If you have funds stuck on a platform that is not MiCA-compliant, the watchdog recommends waiting for official guidance rather than accepting help from strangers who claim to be regulators.
The French authority said it is working with law enforcement to track down the scammers. It did not say how many victims have been identified or how much money has been lost.
Customers who believe they have been targeted should file a complaint with the regulator and contact their bank or crypto exchange immediately.
