The Austrian Financial Markets Authority (FMA) fined the encryption platform Bitpanda Euro77 million for violating the requirements of the European Union Regulation on Encrypted Assets Market Regulation (MiCA) in the issuance of a token. This was the first publicly disclosed case of the MiCA enforcement in Austria, and also shows that the new EU regulations have entered the phase of actual penalties.
The ticket was for white papers and marketing materials.
FMA states that Bitpanda did not submit a regulatory file at least 20 working days before the White Paper was released. The regulator did not disclose the names of the encrypted assets involved.
In addition, Bitpanda will publish marketing materials before the required white paper is officially released. Another information material lacks many of the necessary information, including the fact that the regulatory body has not yet reviewed or approved the document, that the content of the document is under the responsibility of the provider itself, and that contact information, such as telephone calls and e-mails, is available.
The company said the problem was fixed.
Bitpanda stated to CoinDesk that the project had prepared a complete white paper as required by the MiCA and had been submitted to the FMA, and that communication with regulators was ongoing throughout the process.
According to the company, the regulatory issues related only to the timing and form requirements during the White Paper publication, and not to the content of the White Paper itself. The company also indicated that it had completed the overhaul following the FMA questions and had chosen to conclude the process “quick, consensual”.
Penalties are in effect and the platform continues to expand.
FMA completed this processing under the fast-track procedure under the Austrian Financial Markets Authority Act, and the decision to fine has entered into force.
Bitpanda is one of the larger encryption brokers in Europe. The company disclosed that its registered users at the end of 2025 amounted to 7.4 million, an increase of 25 per cent over the same period; the adjusted post-runs received Euro371 million. In addition to providing transactional services to retail clients, the Vienna-based company is providing banking and financial science and technology companies with trading, hosting and monetization infrastructure.
With regard to licences, Bitpanda has last year obtained a MiCA licence issued by the Federal Financial Supervisory Authority of Germany (BaFin) to serve customers within the European Economic Area. The Austrian FMA also separately approved Bitpanda GmbH in April 2025 to provide encryption services such as hosting, exchange and order execution.
Additional information:The case shows that MiCA is not only in Europe at the level of licensing and that specific enforcement around white paper disclosure and marketing compliance has begun to land.