Austria’s Financial Market Authority has fined crypto exchange Bitpanda €70,000 for multiple breaches of the European Union’s Markets in Crypto-Assets Regulation, marking the regulator’s first published, legally binding penalty order under MiCA.
The FMA said on Aug. 14 that the case shows Europe’s crypto rulebook has moved beyond licensing and supervision and is now entering active enforcement, as regulators begin applying the framework across the full supervisory cycle.
Whitepaper and marketing breaches
According to the regulator, Bitpanda failed to submit a required crypto-asset whitepaper to the FMA at least 20 working days before publication, breaching Article 8 of MiCA.
The company also distributed marketing material before publishing the required whitepaper, contrary to Article 7 of the regulation.
The FMA said another Bitpanda marketing communication failed to clearly state that regulators had not reviewed or approved the material and that Bitpanda alone was responsible for its content.
Bitpanda also failed to include required contact details, including a telephone number and email address, in the communication, the regulator said.
According to the FMA, the proceedings were expedited under Austria’s Financial Market Authority Act, and the €70,000 penalty order is final.
Europe’s crypto rules enter enforcement mode
The FMA said publication of sanctions forms part of the regulatory system and is intended to improve transparency for investors and market participants.
Austria’s watchdog stressed that MiCA is designed to establish a unified legal framework for crypto assets across the EU while strengthening investor protection and market integrity.
The regulator also cautioned that the case’s status as the first published MiCA penalty does not give Bitpanda or the violations any special standing, but said it demonstrates that enforcement is now firmly part of Europe’s crypto regulatory regime.
MiCA’s tougher line reaches a vocal supporter
Beyond being Austria’s first published MiCA penalty, the case also lands on one of the regulation’s most vocal supporters in Europe.
In June, Bitpanda called consistent enforcement the “litmus test” for MiCA and argued against grace periods for platforms operating without the required licenses or routing European funds into unregulated order books.
The FMA’s action now puts Bitpanda itself on the receiving end of the tougher enforcement regime it had publicly advocated.
