The Financial Market Authority of Austria (FMA) has imposed a fine of €70,000 on the cryptocurrency exchange Bitpanda for breaching the MiCA regulation. This marks the first financial penalty under the European legislation governing digital assets.
According to the regulator, Bitpanda failed to submit a white paper at least 20 working days prior to the asset's launch and distributed marketing material before the mandatory document was released.
Additional concerns were raised regarding the advertising content. The FMA noted that one of the promotional materials lacked the required disclaimer that it had not been reviewed or approved by the relevant authority. This material also did not provide necessary contact information, such as a phone number or email address.
The investigation was concluded swiftly, with the penalty decision becoming final on August 17.
In a statement to Cointelegraph, Bitpanda acknowledged that the issues were related to the timing and formal requirements for publishing technical documents. Following notification from the FMA, the company rectified the violations and agreed to expedite the resolution process.
The transitional period for MiCA ended on July 1, requiring all unlicensed firms to cease providing services to users within Europe.
It is worth noting that Bruna Sego, head of the Anti-Money Laundering Authority, has warned of potential risks following the law's implementation. She expressed concerns that user migration could overwhelm cryptocurrency services within the EU.