EU regulators warn of MiCA migration scams as 1,700 unlicensed platforms halt EU services, forcing up to 10 million users to move assets.
Regulation & Gov ·
When MiCA entered full effect on July 1, more than 1,700 unlicensed crypto platforms were barred from serving EU users. At that time, only 323 firms held valid MiCA authorization, leaving as many as 10 million users facing the need to relocate their holdings. The regulatory enforcement marked a significant reshuffling of the EU's crypto landscape.
European regulators have flagged a related threat: scammers are weaponizing the migration period by posing as regulators or licensed exchanges and distributing fraudulent notices that direct users to fake platforms. The fraudulent communications are designed to capture assets during the transition window when account holders are actively moving funds.
To protect themselves, users are being instructed to cross-reference service providers against official MiCA registers before executing any transfers. It remains unclear how many users have already fallen victim to the scams or how many of the displaced users have successfully migrated to compliant platforms.