Austria’s Monetary Market Authority fined Bitpanda GmbH 70,000 euros ($81,150) for breaches of the European Union’s Markets in Crypto-Property (MiCA) regulation within the regulator’s first penalty over the principles.
The FMA mentioned Bitpanda didn’t submit a cryptocurrency white paper a minimum of 20 working days earlier than publishing it. The regulator didn’t determine the cryptocurrency concerned.
Bitpanda additionally circulated a advertising communication earlier than publishing the required white paper. One other communication omitted an announcement that regulators had not reviewed or accredited the doc and that the supplier was solely chargeable for its contents, in addition to a phone quantity and electronic mail deal with.
The agency instructed CoinDesk in an emailed assertion the regulator’s findings “associated completely to timing and formal specs surrounding the publication of the whitepaper and an accompanying data doc.”
“For the token launch in query, we ready a complete whitepaper in accordance with MiCAR necessities, submitted it to the FMA, and repeatedly coordinated all the course of with the authority,” Bitpanda mentioned. “The factors cited associated completely to timing and formal specs surrounding the publication of the whitepaper and an accompanying data doc.”
The white paper was submitted early final 12 months, the agency instructed CoinDesk.