Austria's FMA has fined Bitpanda €70,000 for breaching MiCA regulations, marking the first such penalty under the new crypto law.
The Financial Market Authority (FMA) of Austria has levied a €70,000 fine against the cryptocurrency exchange Bitpanda, marking the inaugural penalty under the Markets in Crypto-Assets (MiCA) regulation.
The FMA found that Bitpanda failed to submit a required white paper at least 20 working days before launching a specific asset and distributed marketing materials prematurely.
Concerns were also raised about the promotional content, which lacked a necessary disclaimer indicating that it had not been approved by regulatory authorities and omitted essential contact information.
The investigation concluded quickly, with the fine being finalized on August 17. In response, Bitpanda acknowledged the timing and formal issues regarding their technical document publication and acted to rectify the violations promptly.
As of July 1, the transitional period for MiCA ended, compelling all unlicensed entities to stop offering services in Europe. Bruna Sego, head of the Anti-Money Laundering Authority, has warned of potential risks associated with the law's enforcement, particularly the strain on cryptocurrency services due to user migration within the EU.
