Two crypto-asset service providers licensed in the European Union have been fined for failures to publish required risk disclosures, the first penalties issued under the bloc's Markets in Crypto-Assets regime since supervision transferred to national authorities.
Neither penalty concerns client asset segregation, the provision the industry had expected to be tested first. Both notices instead cite incomplete white paper documentation and marketing communications that were not filed with the home regulator before publication.
Lawyers who advise licensed venues described the choice as procedural on purpose. "You establish the process obligations before you litigate the hard custody questions," said one Brussels-based counsel, who asked not to be named because their firm represents affected parties.
Both firms have 30 days to appeal. One said it had already amended the disclosures in question; the other did not respond to a request for comment before publication.
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