Bitpanda fined in Austrias first published MiCA penalty
Extracto:Austria‘s Financial Market Authority fined crypto platform Bitpanda €70,000 for breaching the EU’s Markets in Crypto-Assets Regulation (MiCA), marking the regulator‘s first published final penalty under the rules. Bitpanda failed to submit a crypto-asset white paper at least 20 working days before publication and distributed a marketing communication before that white paper was published. Another marketing message omitted mandatory disclosures, including a statement that it had not been approved by a competent authority, and lacked required contact details. The case was resolved through an expedited procedure, and the penalty is final. Bitpanda did not immediately respond to Cointelegraph’s request for comment. MiCA sets harmonized EU rules on disclosure, marketing, and authorization for crypto firms.
Austria‘s financial regulator has fined crypto platform Bitpanda 70,000 euros ($82,000) for violating the European Union’s Markets in Crypto-Assets Regulation, in the watchdogs first published final penalty under MiCA.
The Austrian Financial Market Authority (FMA) said Friday that Bitpanda failed to submit a crypto-asset white paper to the regulator at least 20 working days before its publication, as required under MiCA.
Bitpanda also distributed a marketing communication before publishing the required white paper, according to the regulator.
The FMA said another marketing communication omitted mandatory disclosures stating that it had not been reviewed or approved by a competent authority and that the crypto-asset provider was solely responsible for its contents. It also lacked a required telephone number and email address.
The proceedings were concluded under an expedited procedure, and the penalty decision is final.
Cointelegraph contacted Bitpanda for comment but did not immediately receive a response.
MiCA established a harmonized regulatory framework for crypto assets across the EU, including disclosure, marketing and authorization requirements for crypto companies.
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