EU regulators are warning crypto users about migration scams after MiCA rules took full effect across the bloc on July 1. MiCA — the Markets in Crypto-Assets Regulation — is the EU's first comprehensive rulebook for crypto assets, replacing a patchwork of national regimes with a single license that lets authorized crypto-asset service providers operate across the European Economic Area. More than 1,700 unlicensed platforms faced service restrictions in the transition, while only 323 firms held MiCA authorization in a snapshot from the European Securities and Markets Authority (ESMA), forcing users to seek regulated providers.

Regulators say scammers are impersonating ESMA and crypto companies using fake documents, recovery offers and demands for fees. Users should verify providers through the official ESMA register and confirm the legal entity authorized to serve their accounts before moving funds.

Regulators Warn of Fake Migration Notices

The transition has created an opening for impersonation scams. According to CoinDesk, France's Autorité des Marchés Financiers (AMF) found criminals posing as employees and demanding fees to recover stolen funds. ESMA confirmed that criminals were using its name, logo and fake documents, which scammers used to make false claims about users' funds.

The Dutch Autoriteit Financiële Markten (AFM) warned that fraudsters could target customers seeking replacement providers, and advised users to check the official ESMA register before transferring assets. Austria's Finanzmarktaufsicht (FMA) issued a similar warning after the July 1 deadline, urging customers to verify providers before moving assets or sending funds to self-hosted wallets. The near-simultaneous warnings from Paris, Amsterdam and Vienna show the migration risk spans the whole bloc rather than any single market.

MiCA Data Shows a Wider Migration

The number of affected platforms varies depending on the dataset consulted. VASPnet data cited by CoinDesk put the figure above 1,700, while ESMA listed 323 authorized companies. TRM Labs counted 1,343 operating EEA crypto providers on July 1, and its analysis found 281 authorized firms and 1,062 without MiCA authorization. The counts are snapshots, and the official ESMA register remains the authoritative reference for whether a specific firm is authorized to serve EU customers.

ESMA's rules did not require every unauthorized provider to shut down immediately. Such firms had to stop new onboarding, marketing activities and new client relationships. They could still support activity for asset sales, transfers, reallocations and closures, and custody could continue during an orderly wind-down.

Users Face Risks When Moving Crypto

The UK's Financial Conduct Authority (FCA) reported 4,465 fake impersonation cases during the first half of 2025, a sign the fraud pattern extends beyond the EU. It said 480 victims lost money, while scammers used screen-sharing tools. The regulator also maintains a public warning list of unauthorized and clone firms. Genuine exchanges also routinely contact customers about withdrawals, transfers and account restrictions, which 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. Crypto transfers are generally irreversible once confirmed, which is why regulators across countries repeat the same verification advice.

Regulators advise users to verify the legal entity serving their account, noting that a MiCA authorization held by one group company does not automatically cover every affiliate. The ESMA register is updated as authorizations change, so re-checking a provider's entry before each transfer remains the practical step regulators point to as wind-downs continue.