Bitpanda Slapped with €70,000 Fine for MiCA Violations in Austria

Austrian financial regulators have imposed a €70,000 fine on Bitpanda for violating the Markets in Crypto-Assets (MiCA) regulation. The exchange failed to comply with several requirements, including providing advance notification of a whitepaper submission and distributing promotional materials before finalizing the publication.

The Financial Market Authority of Austria found that Bitpanda neglected to inform them about a crypto-asset whitepaper within the prescribed 20-working-day timeframe. Additionally, they discovered that the exchange circulated promotional content before completing the mandatory whitepaper publication.

The regulators also noted that the exchange's marketing materials lacked required disclosures, including language clarifying that no regulatory authority had examined or endorsed the document and a statement confirming the service provider's responsibility for its content.

Despite the fine, Bitpanda maintains its MiCA operating license throughout the European Economic Area. The company acknowledged the regulatory findings and rectified the issues after identifying compliance gaps.