[Update 10:40 UTC, Aug. 17: This article has been updated to include a statement from Bitpanda.]

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 (MiCA), in what is the watchdog's first published final penalty under the framework.

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. The white paper is the regulation's core disclosure document, setting out key information about a crypto-asset, its issuer and the associated risks so that investors can make informed decisions. According to the regulator, the company also distributed a marketing communication before publishing the required white paper.

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. That communication also lacked a required telephone number and email address. Such requirements fall under MiCA's investor protection rules for marketing, which are intended to make clear that promotional material has not been vetted by regulators.

The regulator said the proceedings were concluded under an expedited procedure and that the penalty decision is final, according to its official announcement.

Bitpanda told Cointelegraph that the issues related exclusively to the timing and formal requirements surrounding the publication of the white paper and an accompanying information document. The company said customer funds and platform security were not affected and that customers suffered no financial harm.

The company added that it rectified the issues after receiving notice from the FMA and opted for a swift, consensual conclusion of the proceedings.

Bitpanda, founded in 2014 and headquartered in Vienna, is one of Europe's larger crypto investment platforms, offering digital assets alongside other investment products.

MiCA, fully applicable across the EU since the end of 2024 — its stablecoin provisions took effect in June 2024, with the remaining rules following in December — established a harmonized regulatory framework for crypto assets, including disclosure, marketing and authorization requirements for crypto companies operating in the bloc. The regulation replaced a patchwork of divergent national approaches, and day-to-day supervision and sanctions fall to national competent authorities such as the FMA, which publishes penalty decisions like Friday's.

Source: Cointelegraph