European regulators are warning of a surge in impersonation scams exploiting the new MiCA crypto-asset framework. More than 1,700 unlicensed firms are expected to cease operations in the European Union, and even Binance has failed to receive an EU-wide license. Users forced to move their assets from unlicensed exchanges have become prime targets for scammers using phishing attacks and fraudulent websites. Regulators have also cautioned licensed crypto firms against overstating the level of regulatory protection offered by their products.
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