Crypto▼ Bearish
Bitpanda Hit With Europe's First Published MiCA Penalty in Austria
Austria fines Bitpanda €70,000 for MiCA white paper and marketing breaches. First publicly disclosed penalty under EU crypto rulebook is legally final.
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Austrian regulators fined crypto exchange Bitpanda 70,000 euros, roughly $82,000, in the first publicly disclosed enforcement penalty under the European Union's MiCA crypto rulebook.
Austria's Financial Market Authority, or FMA, said the penalty stemmed from several breaches of the Markets in Crypto-Assets Regulation. The FMA said Bitpanda failed to submit a required crypto-asset white paper at least 20 working days before publishing it. The company also circulated a marketing communication before the white paper was published, a sequencing the rules prohibit. In a separate marketing message, Bitpanda omitted a mandatory disclaimer stating that the material had not been reviewed by any regulator and that the offeror bears sole responsibility, and left out a required phone number and email address, the FMA said.