Austria Fines Crypto Platform Bitpanda €70,000 Under MiCA for Non-Compliance

Austria’s financial regulator has fined crypto platform Bitpanda 70,000 euros ($82,000) for violating the European Union’s Markets in Crypto-Assets Regulation (MiCA), in the watchdog’s first published final penalty under the new rules.

The Austrian Financial Market Authority (FMA) said Friday that Bitpanda failed to submit a crypto-asset white paper to the regulator at least 20 working days before its publication, as required under MiCA. Additionally, Bitpanda distributed a marketing communication before publishing the required white paper.

Another marketing communication omitted mandatory disclosures stating that it had not been reviewed or approved by a competent authority and that the crypto-asset provider was solely responsible for its contents. It also lacked a required telephone number and email address.

The proceedings were concluded under an expedited procedure, and the penalty decision is final.

Bitpanda told Cointelegraph that the issues related exclusively to the timing and formal requirements surrounding the publication of the white paper and an accompanying information document. The company assured that customer funds and platform security were not affected and that customers suffered no financial harm.

The company said it rectified the issues after receiving notice from the FMA and opted for a swift, consensual conclusion of the proceedings.

MiCA, which established a harmonized regulatory framework for crypto assets across the EU, including disclosure, marketing, and authorization requirements for crypto companies, came into effect earlier this year.