Announcement: FMA imposes sanction on Senta Tech Limited Liability Company (ultima.io, utrading.com) for unauthorised portfolio management of crypto-assets

The Austrian Financial Market Authority has taken enforcement action against Senta Tech LLC, operator of the ultima.io and utrading.com platforms, for conducting portfolio management of crypto-assets without the required authorisation under the EU's Markets in Crypto-Assets Regulation (MiCAR), as implemented in Austria through the MiCA Enforcement Act. For compliance teams, this signals that national regulators are now actively policing the MiCAR perimeter and will publicly name firms operating without licences. Firms offering any form of discretionary or managed crypto-asset services — even via offshore or alternative-branded entities — should urgently review whether their activities fall within MiCAR's portfolio management definition and confirm they hold the appropriate authorisation.

Key actions include mapping all crypto-related service lines against MiCAR activity classifications, verifying cross-border licensing coverage, and ensuring marketing of managed crypto products does not overstate regulatory status. The case also underscores reputational and operational risks for partners, distributors, and payment providers that white-label or integrate crypto platforms — due diligence on counterparty licensing should be refreshed. While the direct impact is confined to one entity, the precedent reinforces that MiCAR enforcement is live, raising the bar for market entry and ongoing supervision across the crypto-asset value chain.