The Austrian Financial Markets Authority (FMA) has fined the encryption platform Bitpanda Euro77 million. This is the first publicly disclosed case of enforcement sanctions in the context of the current EU Regulation on the Regulation of Encrypted Assets Markets, MiCA.

Penalties relate to white papers and marketing processes

FMA states that Bitpanda ' s problems arise mainly in the order of information disclosure and marketing. The regulator stated that the company had not submitted the relevant encrypted asset white paper to FMA at least 20 working days prior to the publication of the white paper, as required.

The regulator also noted that Bitpanda had marketed the products before the White Paper was officially released and that the MiCA did not allow such marketing and disclosure.

Marketing materials lack mandatory information

In addition to the time order of publication, the FMA also concluded that a marketing message from Bitpanda lacked a mandatory description as required by the MiCA. The material does not state that the content has not been reviewed or approved by any regulatory body, nor does it state that the issuer is solely responsible for the content.

At the same time, this marketing information lacks the number of contacts and e-mails that must be provided.

  • Fine: Euro70,000
  • Disposition: resolution of cases under fast-track procedures under Austrian financial market law
  • Penalty status: FMA states that the ruling has taken effect

The MiCA transition is nearing its end.

The punishment occurred at the end of the MiCA transition period. MiCA was fully in force for the encryption asset service provider at the end of 2024, after the EU had allowed the stock agency to continue operating during the application period.

As the transitional arrangements of member States are winding down, there is increased pressure on platforms that have not yet fully met compliance requirements. At the same time, the Brussels side is expected to revisit the MiCA in 2027 and to consider strengthening the regulation of the issuers of stable currency abroad.

Bitpanda, one of the larger encryption platforms in Europe, has acquired a MiCA license and continues to expand in Europe. In terms of amount, the punishment was small, more like enforcement against failure to comply, rather than serious violations.