According to CoinMeta, EU regulators have warned that cases of crypto fraud are on the rise, with scammers taking advantage of the closures related to MICA by impersonating exchanges and regulatory authorities. Companies that failed to obtain licenses by the July 1 deadline were required to inform their customers to transfer their assets, which has provided an opportunity for criminals to exploit the chaos. Currently, only 323 crypto companies have obtained licenses, while over 1,700 companies may face closure.