More than 1,700 unlicensed crypto platforms were required to stop serving EU users after MiCA took full effect on July 1, while only 323 firms held valid MiCA authorization at the time, potentially forcing up to 10 million users to move their assets. European regulators have warned that scammers are exploiting the transition by impersonating regulators or licensed exchanges and sending fake migration notices to direct users to fraudulent platforms. Users are advised to verify service providers against official MiCA registers before transferring funds.