Bitpanda fined in Austria’s first published MiCA penalty

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, in the watchdog’s first published final penalty under MiCA.

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.

Bitpanda also distributed a marketing communication before publishing the required white paper, according to the regulator.

The FMA said 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.

Cointelegraph contacted Bitpanda for comment but did not immediately receive a response.

MiCA established a harmonized regulatory framework for crypto assets across the EU, including disclosure, marketing and authorization requirements for crypto companies.