MiCA’s cleanup is creating a new scam wave across the European Union

The European Union’s (EU) crypto clean-up has handed scammers a weapon.

When the Markets in Crypto-Assets (MiCA) regulations’ ramework came into full force on July 1, more than 1,700 unlicensed crypto platforms were required to stop serving EU customers and direct them to licensed alternatives. Only 323 companies held a valid MiCA authorization at the time. That gap, in which up to 10 million users were told to move their digital assets, is exactly what fraudsters needed.

. The mechanism is straightforward. Scammers copy the language of real migration notices, impersonate regulators, and push users to fake platforms before victims realize the difference.

Social engineering scams were already concerning in 2025. Crypto exchange WhiteBIT found that nearly 41% of crypto incidents last year involved malicious actors deceiving victims through fake investment offers or impersonation. European regulators, however, say they have seen an increase in crypto scams since the July 1 deadline.

A spokesperson for France’s Autorité des marchés financiers (AMF) noted scammers were posing as AMF employees, convincing victims to pay upfront administrative fees to recover stolen funds.