AI · The Block
Austria’s FMA fines crypto broker Bitpanda $81,000 in first published MiCA penalty
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Austria's financial regulator fined Bitpanda GmbH €70,000 ($81,130) last week for violations of the EU's Markets in Crypto-Assets Regulation, marking the first published legally binding penalty under the new framework in the country.
Key facts
- Austria's financial regulator fined Bitpanda GmbH €70,000 ($81,130) last week for violations of the EU's Markets in Crypto-Assets Regulation, marking the first published legally binding penalty
- The Austrian Financial Market Authority said that Bitpanda failed to submit a crypto-asset white paper at least 20 working days before its publication and distributed a marketing communication
- Bitpanda, founded in Vienna in 2014, provides crypto services including custody, exchange, and order execution
- In a separate statement, the FMA said this was the first time it had published a legally binding penalty decision under MiCA
Summary
The Austrian Financial Market Authority said that Bitpanda failed to submit a crypto-asset white paper at least 20 working days before its publication and distributed a marketing communication before the required white paper had been published. The company also failed to include required disclosures and contact information in a marketing communication, the regulator added. Bitpanda, founded in Vienna in 2014, provides crypto services including custody, exchange, and order execution. In a separate statement, the FMA said this was the first time it had published a legally binding penalty decision under MiCA.