MiCA's cleanup is creating a new scam wave across the European Union

The implementation of the EU's MiCA regulations has forced hundreds of unlicensed crypto platforms to cease operations, creating a vacuum that scammers are exploiting. Fraudsters are impersonating regulators and legitimate platforms to deceive users into transferring assets or paying fake administrative fees. European financial authorities are warning investors to verify providers against official registers to avoid falling victim to these social engineering campaigns.