According to ME News, as of August 16 (UTC+8), after the EU’s MiCA regulation fully took effect on July 1, over 1,700 unlicensed crypto platforms were ordered to cease operations and direct users to licensed platforms; only 323 companies currently hold valid authorizations. Approximately 10 million users need to migrate their assets, and scammers are exploiting this situation by impersonating regulatory bodies and licensed exchanges to send fraudulent migration notices, tricking users into transferring assets to fake platforms. France’s Financial Markets Authority reported that scammers are posing as its employees to collect “management fees,” while the European Securities and Markets Authority confirmed that its identity and branding are being misused. The Netherlands Authority for the Financial Markets warned that the migration process itself has become an attack vector, advising users to verify service providers through ESMA’s official register and to remain vigilant against unsolicited requests for fund transfers. (Source: ODAILY)
Over 1,700 unlicensed crypto platforms ordered to cease operations in the EU following MiCA enforcement
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Summary
Enforcement of MiCA (EU Markets in Crypto-Assets Regulation) began on July 1, requiring over 1,700 unlicensed crypto platforms to cease operations. Only 323 firms hold valid licenses, impacting 10 million users who must migrate their assets. Scammers are impersonating regulators and exchanges to steal funds. The French Financial Markets Authority reported that fraudsters are collecting fake fees, while the European Securities and Markets Authority confirmed its identity is being misused. The Dutch Authority for the Financial Markets warned users to verify service providers through the official registry and avoid unsolicited transfers.
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