ANALYST: 1,700 UNLICENSED ENCRYPTION PLATFORMS WERE SHUT DOWN AFTER THE IMPLEMENTATION OF THE EU MICA

AFTER THE FULL IMPLEMENTATION OF THE EU MICA ON 1 JULY, OVER 1,700 UNLICENSED ENCRYPTION PLATFORMS WERE ASKED TO STOP USING EU USERS, WHILE ONLY 323 COMPANIES WERE AUTHORIZED BY THE EFFECTIVE MICA AND UP TO 10 MILLION USERS REQUIRED THE RELOCATION OF ASSETS. ACCORDING TO THE REGULATOR, THIS TRANSITION PERIOD IS BEING USED BY FRAUDSTERS WHO INDUCE USERS TO TRANSFER FUNDS TO FALSE PLATFORMS BY IMPERSONATING REGULATORS OR HOLDING EXCHANGES, FALSIFYING RELOCATION NOTICES AND DOCUMENTS. FRANCE AMF, ESMA, AFM NETHERLANDS AND FMA AUSTRIA HAVE ALL ISSUED WARNINGS ABOUT THE FRAUD AND ADVISED USERS TO VERIFY THE INCLUSION OF SPECIFIC SERVICE ENTITIES IN THE OFFICIAL MICA REGISTER BEFORE TRANSFERRING ASSETS。