MiCA scam warnings rise as 1,000+ firms lose EU access

MiCA migration scams are targeting European crypto users after the European Union’s final grandfathering period ended on July 1, forcing unauthorized crypto asset service providers to wind down covered services and move customers toward licensed firms or self-hosted wallets. Summary MiCA’s July 1 deadline forced unauthorized crypto providers to wind down regulated services across Europe. ESMA’s late-July register listed 323 authorized providers while VASPnet estimated over 1,700 firms faced exits. Regulators warn scammers are impersonating authorities and exchanges, directing migrating users toward fraudulent crypto platforms. TRM identified 1,062 operating EEA firms without MiCA authorization in its July 1 market snapshot. ESMA advises users to verify providers through its official register before transferring crypto assets elsewhere. ESMA’s June statement requires unauthorized providers to stop onboarding new EU clients and limit activity to an orderly exit. The regulator also tells customers to check whether a provider appears in its official MiCA register before moving assets. European watchdogs now say fraudsters are exploiting those genuine migration messages by impersonating...