The European Union’s Markets in Crypto-Assets regulation, or MiCA, took full effect on July 1, triggering a broad compliance shift across the region’s crypto sector. After the rules came into force, more than 1,700 unlicensed crypto platforms were told to stop serving users and direct them toward licensed providers. At present, only 323 companies hold valid authorization.
The transition affects roughly 10 million users who now need to move their assets. Regulators say scammers are exploiting that process by impersonating authorities and licensed exchanges, sending fake migration notices, and steering users toward fraudulent platforms.
France’s financial markets regulator said fraudsters have posed as its staff and demanded money under the pretense of charging "management fees." The European Securities and Markets Authority has also confirmed that its identity and branding have been misused. Meanwhile, the Dutch Authority for the Financial Markets warned that migration from unlicensed exchanges has itself become an attack surface, urging users to verify providers through ESMA’s official register and remain cautious about unsolicited requests to transfer funds.
The European Union’s Markets in Crypto-Assets regulation, or MiCA, took full effect on July 1. Since then, more than 1,700 unlicensed crypto platforms have been told to stop services and direct users to licensed providers. Only 323 companies currently hold valid authorization.
That shift leaves about 10 million users needing to move their assets. Scammers are using the transition to impersonate regulators and licensed exchanges, sending fake migration notices and luring users into transferring funds to fraudulent platforms.
Regulators say their names and branding are being abused
France’s financial markets regulator said fraudsters have posed as its staff and asked users to pay so-called "management fees" to steal funds. The European Securities and Markets Authority, or ESMA, said its identity and logos have also been misused.
Dutch watchdog warns users to verify providers
The Dutch Authority for the Financial Markets said the migration away from unlicensed exchanges has itself become an attack surface. It advised users to check service providers through ESMA’s official register and to be wary of unsolicited contact that asks for transfers.
The report was cited by CoinDesk and published in Chinese by Odaily.
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