More than 1,700 unlicensed platforms faced restrictions after MiCA took full effect, while 323 firms appeared in an ESMA authorization snapshot. Regulators warn scammers are impersonating ESM
EU regulators are warning crypto users about migration scams after MiCA rules took full effect across the bloc on July 1. More than 1,700 unlicensed platforms faced service restrictions, while only 323 firms had MiCA authorization in an ESMA snapshot, forcing users to seek regulated providers.
The transition has created an opening for impersonation scams. According to CoinDesk, France’s AMF found criminals posing as employees and demanding fees to recover stolen funds. ESMA confirmed criminals were using its name, logo and fake documents.
Scammers used those materials to make false claims about users’ funds. Meanwhile, the Dutch AFM warned fraudsters could target customers seeking replacement providers. It advised users to check the official ESMA register before transferring assets.
Austria’s FMA issued a similar warning after the July 1 deadline. It urged customers to verify providers before moving assets or sending funds to self-hosted wallets.
The number of affected platforms varies by dataset. VASPnet data cited by CoinDesk put the number above 1,700, while ESMA listed 323 authorized companies. TRM Labs counted 1,343 operating EEA crypto providers on July 1.
Its analysis found 281 authorized firms and 1,062 without MiCA authorization. However, ESMA’s rules did not require every unauthorized provider to shut down immediately. Firms had to stop new onboarding, marketing and new client relationships.
They could still support activity for asset sales, transfers, reallocations and closures. Custody could continue during an orderly wind-down.
The FCA reported 4,465 fake impersonation cases during the first half of 2025. It said 480 victims lost money, while scammers used screen-sharing tools. Exchanges also contact customers about withdrawals, transfers and account restrictions.
That makes false notices harder for users to identify. The AMF and AFM said they do not request fund transfers through private messages. ESMA also said it does not request personal information or fees to recover funds.
Regulators advise users to verify the legal entity serving their account. A MiCA authorization held by one group company does not automatically cover every affiliate.
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