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    3. MiCA: The European Cleanup of Crypto Platforms Benefits Scammers

    MiCA: The European Cleanup of Crypto Platforms Benefits Scammers

    By: rootdata|2026/08/07 12:00:00
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    MiCA was supposed to clean up the market, but scammers are taking advantage of the move. Since the end of the European transitional regime on July 1, unlicensed crypto platforms must organize their exit from the European Union. Fraudsters are now impersonating the AMF, ESMA, or exchanges to convince their clients to transfer their cryptocurrencies to fake accounts. Key points of this article: * The European transitional regime ended on July 1, pushing unlicensed platforms out of the European Union. * Fraudsters have exploited this situation by impersonating organizations such as the AMF and ESMA to deceive cryptocurrency users. MiCA, the European regulation on crypto asset markets, replaces various national regimes with a license valid in all 27 member states. The maximum transitional period ended on July 1, 2026. Companies without crypto asset service provider status can no longer accept new European clients nor continue their usual activities. They must limit their services to necessary operations to close positions, sell or transfer assets, and return funds to users. By the end of July, 323 companies were listed on the ESMA register. Coinbase, Kraken, and OKX have notably obtained their licenses. Binance, on the other hand, still does not have a European license after withdrawing its application submitted in Greece. The data provider VASPnet, cited by the Financial Times, estimated that more than 1,700 unauthorized companies would have to cease operations in the Union. This figure is not an official count from ESMA, but it shows the scale of potential transfers. Many clients must therefore quickly choose a new platform and move their assets. This transition period particularly exposes them to fake messages claiming to come from a regulator or a provider responsible for organizing the migration. Authorities are alarmed by the number of scams related to MiCA in Europe and France -- Source: Compte X The AMF has already noted several attempts where fraudsters present themselves as members of its staff. They contact clients of an unauthorized platform and then ask them to transfer their cryptocurrencies to a site mimicking that of an official player. ESMA also notes the fraudulent use of its name, logo, and fake documents to give a regulatory appearance to investment proposals. The Dutch regulator recommends verifying any transfer request directly from the official provider's site or app. The AMF has chosen not to impose an excessively short closure timeline on companies operating in France. The goal is precisely to avoid a sense of urgency, often used by fraudsters to prevent their victims from verifying an address or comparing providers. The risk far exceeds the MiCA transition. Chainalysis has identified at least $14 billion paid to crypto scams in 2025 and estimates that this amount could exceed $17 billion as new fraudulent addresses are discovered. Identity theft scams have reportedly increased by 1,400% year-on-year! A regulator does not ask an individual to transfer their cryptocurrencies to a supposedly secure address. Before any migration, users should consult the ESMA register, access the chosen provider's site themselves, and refuse links sent via message. MiCA reduces the number of authorized companies, but this protection becomes useless when fraudsters succeed in posing as those complying with the regulations.

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    This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.

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