Austria’s FMA fines crypto broker Bitpanda $81,000 in first published MiCA penalty

Austria's financial watchdog, the Austrian Financial Market Authority (FMA), has imposed a 70,000 euro ($82,000) fine on crypto platform Bitpanda for violating the European Union's Markets in Crypto-Assets Regulation (MiCA). This marks the first time the FMA has released a final penalty under MiCA. The regulator cited two main breaches: failing to submit a crypto-asset white paper to the FMA at least 20 working days before publication, and distributing a marketing communication before the required white paper was published.

The FMA highlighted that Bitpanda's marketing communication omitted crucial disclosures, such as stating it had not been reviewed or approved by a competent authority, and lacking a required telephone number and email address. Another marketing communication failed to meet the mandatory requirements. The proceedings were wrapped up under an expedited process, with the penalty decision now final.

Bitpanda's representatives were not immediately available for comment when contacted by Cointelegraph. MiCA aims to establish a uniform regulatory framework for crypto assets across the EU, addressing disclosure, marketing, and authorization requirements for crypto companies.