EU Warns Crypto Users Over Fraudulent Notices Tied to MiCA Migration

European regulators have warned crypto users to verify platforms before transferring assets as scammers exploit the EU’s MiCA licensing transition.

In particular, scammers are posing as regulators and authorized exchanges and issuing fraudulent migration notices designed to steer users toward fake platforms, according to the warnings. Users have been advised to check providers against official MiCA registers before making transfers. 

The warnings come amid a broader MiCA licensing transition. Following MiCA’s full implementation on July 1, more than 1,700 crypto platforms could no longer serve EU users without the required authorization.

At the time, only 323 firms were authorized under MiCA, while as many as 10 million users could potentially need to transfer their crypto assets as a result of the regulatory transition.

Source: CoinDesk