Austria Hits Bitpanda with €70,000 Fine Under MiCA

Austria's financial regulator has fined digital asset platform Bitpanda €70,000 for violating several provisions of the European Union's Markets in Crypto-Assets (MiCA) regulation. The fine is a result of Bitpanda's failure to submit a crypto-asset white paper to the Austrian Financial Market Authority (FMA) at least 20 working days before publication and disseminating marketing communication without publishing the required white paper.

Under MiCA, any firm seeking to offer a crypto-asset must submit their white paper to the National Competent Authority of their home Member State and publish it before marketing materials are released. The FMA confirmed that Bitpanda failed to include a telephone number and email address for contacting the offeror in its marketing material.

Bitpanda reportedly rectified the issues after receiving notice from the FMA, stating that customer funds and platform security were unaffected and customers suffered no financial harm.