The Austrian Financial Market Authority (FMA) has imposed a fine of EUR 70,000 on Bitpanda GmbH. The proceedings were concluded in an accelerated manner pursuant to Article 22 para. 2b of the Financial Market Authority Act (FMABG; Finanzmarktaufsichtsbehördengesetz). The fine has been imposed for several breaches against Regulation (EU) 2023/1114 on Markets in Crypto-Assets (“MiCAR”). Bitpanda GmbH specifically failed to submit a crypto-asset white paper to the FMA at latest 20 working days prior to its publication date.
In addition, in contravention of Article 7 (2) MiCAR, Bitpanda GmbH issued a marketing communication without having published the required crypto-asset white paper beforehand. Moreover, with regard to a marketing communication, Bitpanda GmbH omitted to include the statement stated in Article 7 (1) point e MiCAR about the it not having been reviewed or approved by a competent authority and about the sole responsibility of the offeror, as well as failing to include a telephone number and e-mail address as required pursuant to Article 7 (1) point d MiCAR.
MiCAR’s purpose is to establish a harmonised legal framework for crypto-assets throughout the European Union, and therefore has the particularly purpose of investor protection and ensuring the integrity of crypto-markets. The penal order is final.