PANews reported on September 29 that according to Cointelegraph, the Netherlands Financial Market Authority (AFM) warned investors about the risks of "pump-and-dump" scams in the cryptocurrency market before the EU Crypto Asset Market Regulation (MiCA) was implemented in December. MiCA will prohibit illegal activities including such market manipulation, and the AFM will supervise and enforce the new regulations in the Netherlands.

The AFM pointed out that pump and dump scams artificially inflate asset prices by spreading false information, followed by a quick sell-off for profit, undermining investor confidence. The AFM plans to strictly enforce relevant regulations after MiCA comes into effect to improve market transparency and protect investors.