Bitpanda Fined €70k in Austria's First Published MiCA Enforcement Case

Bitpanda pushed back. In a statement, the company said the regulator's observations "related exclusively to deadlines and formal specifications surrounding the publication of the white paper and a supplementary information document." Bitpanda said it had prepared a white paper compliant with MiCA requirements, submitted it to the FMA, and coordinated the process continuously with the authority. The white paper in question was submitted in early 2025, the company said. Bitpanda opted for a swift and consensual conclusion of the proceedings, and the sanctions decision is final and non-appealable.

The fine size is modest for a firm of Bitpanda's scale. The company closed 2025 with 7.4 million registered users, up 25% year-over-year, and adjusted revenue of €371 million. It holds a MiCA license from Germany's BaFin, which allows it to operate across the European Economic Area. Austria's FMA separately authorized Bitpanda in April 2025 to provide custody, exchange, and order execution services.

What matters beyond the fine itself is the precedent. National regulators across the EU are now publishing enforcement actions under MiCA, and the Bitpanda case gives the market its first look at what the FMA considers a violation. The white paper and marketing communication rules are procedural, not substantive, but the FMA treated them as separate breaches. Other exchanges operating in Austria will need to check their own compliance with the 20-business-day submission window and the disclosure requirements on marketing materials.

The case also highlights a structural quirk: Bitpanda is Austrian, regulated by BaFin for MiCA purposes, and now fined by the FMA for a local publication issue. The dual-regulator dynamic is baked into MiCA's passporting model, and this is the first time it has produced a published enforcement action. It will not be the last.