Bitpanda was fined 70,000 euros for violating the MiCA regulations

The Austrian Financial Markets Authority (FMA) fined Bitpanda GmbH a fine of Euro70,000 (approximately $8115,000), which was the first penalty imposed by the country against the Encrypted Assets Market Act (MiCA). FMA stated that Bitpanda had failed to submit the paper at least 20 working days prior to the issuance of a white paper on encrypted currency. In addition, Bitpanda disseminated marketing information before issuing the required white paper, and another did not contain a statement that the regulatory body had not reviewed or approved the document. Bitpanda states that the finding of the regulator “relates only to the regulation of the timing and form of publication of the White Paper and related information documents”. The company submitted a white paper earlier last year and amended it after the FMA posed questions. The FMA concluded the case through the accelerated procedure and the fine became effective。