EU MiCA Compliance Cleanup Triggers Wave of Scams, 10 Million Users' Assets Affected

After the EU MiCA regulation came into effect on July 1, over 1,700 unlicensed crypto platforms were ordered to cease operations, while 323 companies hold valid licenses, forcing approximately 10 million users to migrate their assets. Scammers impersonated regulatory bodies and licensed exchanges, sending fake migration notices to lure users into transferring their assets to counterfeit platforms. The French Financial Markets Authority (AMF) reported that scammers disguised themselves as employees to collect "management fees," while the European Securities and Markets Authority (ESMA) confirmed that identities and logos were misused. The Dutch Authority for the Financial Markets (AFM) warned that migrations from unlicensed exchanges have become a target for attacks, advising users to verify service providers through the official ESMA registry and to be cautious of unsolicited requests for transfers. The UK's Financial Conduct Authority (FCA) disclosed that it received a total of 4,465 reports of FCA impersonation in the first half of 2025, with 480 victims falling prey to scams.

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