Bitpanda Fined 70,000 Euros for Breaches of European Crypto Rules

Austrian Financial Market Authority (FMA) has imposed a fine of 70,000 euros on Bitpanda for breaching European rules under MiCA. The crypto exchange, based in Vienna, failed to submit its whitepaper by the deadline, which is required at least 20 working days before publication.

The FMA also noted several issues in Bitpanda's marketing communications, including an initial communication that took place before the corresponding whitepaper was published. MiCA prohibits this practice to ensure coherent information before any promotion.

The sanction does not concern fraud or losses suffered by investors and mainly illustrates how authorities apply the new framework to companies.