As of multiple reports coming from the EU, crypto scammers are taking advantage of the large-scale migration of European users from unlicensed platforms. These reports are coming after 2 months of the full enforcement of the Markets in Crypto-Assets (MiCA) regulation. Fraudsters are reportedly impersonating regulators and licensed crypto platforms to trick users into transferring their assets to fake platforms.

Overall, 1,700 unlicensed crypto platforms were required to stop serving EU users after the MiCA deadline on July 1, 2026. Only around 323 firms held valid MiCA authorization. EMSA has launched security check in this regard. The lack of MiCA compliance has caused millions of users to move their assets to compliant providers.

Scammers Send Fake Crypto Migration Notices

Fraudsters are reportedly sending fake migration notices to users to trick then to send funds to fake platforms. They imitate legitimate communications from regulators and licensed crypto platforms. These messages direct users to fraudulent websites and urge them to transfer their assets within a specific timeframe. Moreover, scammers copy the language and appearance of genuine communications with an addition of creating a sense of urgency. By doing so, they attempt to prevent users from independently checking the authenticity.

France’s Autorité des marchés financiers (AMF) has reported relevant cases. Scammers are impersonating its employees and requesting administrative fees from victims. The European Securities and Markets Authority (ESMA) has also confirmed that criminals have misused its name, logo, and identity. Similar warnings have been issued by the Netherlands’ Authority for the Financial Markets (AFM) and Austria’s Financial Market Authority.

EU Regulators Warn Users About MiCA Migration Scams

European regulators are now urging crypto users to remain cautious if receiving migration-related communications. Users are advised to independently verify the service provider through the official ESMA register. Authorities have also warned users against responding to unsolicited requests or clicking on suspicious links. Genuine regulators do not ask users to send funds through private messages or demand fees to recover crypto assets.

These warnings highlight how the transition to the MiCA framework has created a new opportunity for fraudsters. As users continue moving assets to authorized providers, regulators are emphasizing independent verification before funds transfers.