Austria’s First Public MiCA Enforcement: Bitpanda Fined 70,000 Euros

The Austrian Financial Market Authority (FMA) has fined Bitpanda 70,000 euros for violating white paper and marketing rules in its first published enforcement action under MiCA.

The decision under the European Union’s Markets in Crypto-Assets (MiCA) framework revealed that companies’ token processes are scrutinized not only for document content but also for publication timelines and marketing communications.

The FMA stated that Bitpanda GmbH failed to submit a white paper prepared for a cryptocurrency to the authority at least 20 business days before publication. The authority also deemed conducting marketing communication before the white paper was published as a violation. Furthermore, one communication lacked the mandatory statement that the document had not been reviewed or approved by regulators and that the provider was responsible for its content. The same communication also failed to include a phone number and email address.

First definitive MiCA penalty in Austria

The decision was concluded through an accelerated procedure under the Austrian Financial Market Authority Act, and the penalty became final. Consequently, the case became Austria’s first publicly disclosed enforcement action under MiCA. The 70,000 euro ($81,150) fine demonstrates that the practical rules regarding token launches under the new regulation have begun to be enforced in Europe.

In a statement to CoinDesk, Bitpanda noted that the findings were limited solely to the timing and formal requirements for publishing the white paper and its accompanying information document. The company stated it had prepared a comprehensive white paper in compliance with MiCA requirements, submitted it to the FMA early last year, and maintained coordination with the authority throughout the process. Bitpanda reported that it resolved the issues following the FMA’s warning and chose to conclude the process quickly and cooperatively.

Vienna-based Bitpanda ended 2025 with 7.4 million registered users and 371 million euros in adjusted revenue. The company gained authorization to provide services in the European Economic Area with a MiCA license received from the German Federal Financial Supervisory Authority (BaFin) in 2025. The Austrian FMA also granted Bitpanda GmbH authorization for custody, crypto-asset trading, order execution, and other crypto services in April 2025.