EU warns of crypto scams after MiCA compliance deadline

Europe’s crypto cleanup has opened new doors for fraudsters. According to EU officials, crooks pretending to be regulatory authorities and licensed exchanges have increased their activities after the July 1 deadline for compliance with Markets in Crypto-Assets (MiCA), which required unlicensed businesses to stop operating and drove customers to look for compliant alternatives.

The migration—not crypto prices—is the bigger story. As hundreds of firms stop serving EU investors, many users are being asked to move accounts or assets, creating the uncertainty that impersonation scams thrive on. In the meantime, cryptocurrency markets continue to experience stability with Bitcoin trading around $64,700 and Ether at $1,910 on the morning of August 6.

Scammers exploit MiCA transition

MiCA’s transition phase came to an end on July 1, and crypto firms lacking authorization to operate as crypto-asset service providers (CASPs) could not legally provide services to customers within the EU and EEA anymore.

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