FMA

Austria’s Financial Market Authority has fined Bitpanda GmbH €70,000 for breaches of the European Union’s Markets in Crypto-Assets Regulation, marking the country’s first publication of a legally binding MiCA penalty. The August 14 enforcement decision covers failures involving a crypto-asset white paper and related marketing communications. The proceeding was completed through an expedited procedure under Austria’s Financial Market Authority Act, and the penalty is final. Bitpanda Missed White Paper Deadline Bitpanda failed to submit a required crypto-asset white paper to…

WhiteBIT EU has secured a Markets in Crypto-Assets license in Austria, giving the exchange a regulated European base as the bloc’s MiCA transition enters its most competitive phase. Austria’s Financial Market Authority granted WB-Shield Innovations GmbH authorization as a crypto-asset service provider under Article 63 of MiCAR on June 18. The company is authorized to provide custody and administration of crypto-assets, exchange crypto-assets for funds, exchange crypto-assets for other crypto-assets, place crypto-assets and provide transfer services for clients. WhiteBIT EU…

The Austrian Financial Market Authority (FMA), an independent and autonomous body responsible for the country's financial services industry's supervision and regulation, has recently noticed an increase in the number of crypto-related frauds in the country. Crypto Scams Surges According to a recent Bloomberg report, the financial regulator stated that the number of whistle-blower reports regarding fraudulent activities in 2020 had skyrocketed. While some of these reports also involved traditional investment assets like stocks and gold, the FMA noted that most…

The New Zealand Financial Markets Authority (FMA) has issued a warning to citizens regarding crypto-assets. This comes a day after the UK Financial Conduct Authority raised similar concerns about the cryptocurrency markets. Cryptocurrencies Considered High Risk and Volatile Assets This latest warning from the FMA was revealed by local publication the NZ Herald. According to the report, a spokesperson from the FMA warned New Zealanders to be wary of purchasing cryptocurrencies. Citing the high risk and volatility of crypto assets,…

Due to the rising number of reports on investment scams related to digital currency focusing Pacific communities, the Financial Markets Authority (FMA) and Commerce Commission in New Zealand have launched an awareness campaign. “We saw the OneCoin pyramid scheme proliferate through Pacific social and community groups. Last year the FMA also reiterated its warning that Skyway Group (or SWIG) may be involved in a scam and was targeting Pacific groups. Investment scams fall under the remit of the FMA, while…

New Zealand financial watchdog has cautioned the public over a suspect Bitcoin investment scheme. In its statement issued on April 6, the Financial Markets Authority(FMA) raised a red flag on the "Profit Bitcoin" project. The FMA labeled the venture a get-rich-quick scam. Allegedly, the scheme dupes the public that it offers software having a 99.4% success rate in winning Bitcoin trades. False Narrative According to the FMA, the project's website has telltale signs of a con job. To begin with,…