MiCA migration fuels new crypto scam wave

• More than 1,700 unlicensed crypto platforms stopped serving EU customers on July 1.
• Up to 10 million users were told to move their digital assets.
• Regulators warn scammers are impersonating exchanges and authorities during account migrations.

The EU’s MiCA rollout has created new opportunities for scammers targeting users forced to change crypto platforms.

More than 1,700 unlicensed platforms stopped serving EU customers on July 1, while only 323 firms held valid MiCA authorisation.

The resulting migration involved up to 10 million users, giving scammers a chance to copy genuine notices and impersonate regulators.

“Fraudulent actors may indeed see an opportunity to scam investors/consumers who are or will be in the process of looking for an alternative licensed provider,” the Dutch regulator said.

The European Securities and Markets Authority said criminals were misusing its identity, name and logo, including through falsified documents.

The UK Financial Conduct Authority recorded 4,465 reports of fake FCA impersonations during the first half of 2025, involving 480 victims who handed over money.

Regulators advise users to verify the specific legal entity holding MiCA authorisation before transferring digital assets, rather than relying on a wider group brand.