MiCA Rule Changes Create New Crypto Scam Risks as Fraudsters Exploit Exchange Migrations
- MiCA licensing changes are forcing thousands of crypto firms to exit the EU market.
- Scammers are exploiting exchange migrations with fake notices and impersonation schemes.
- Verify migration requests through official channels before moving any crypto assets.
The European Union’s Markets in Crypto-Assets Regulation (MiCA) has reshaped how crypto exchanges operate across the bloc.
Under the rules, any platform serving EU customers must hold a bloc-wide license. Companies that missed the July 1 deadline are now considered illegal in the EU and must tell customers to withdraw or move their funds elsewhere.
The numbers show how sweeping the shift has been. In late July, only 323 crypto firms had secured licenses from the European Securities and Markets Authority (ESMA), the bloc’s top markets regulator.
Data provider VASPnet has estimated that over 1,700 unlicen…
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