The European Securities and Markets Authority (ESMA) has issued a formal warning to investment firms, clarifying that derivatives on crypto-assets marketed as “perpetual futures” are likely subject to the strict regulatory protections governing Contracts for Differences (CFDs).
In a public statement released on February 24, 2026, the EU’s financial watchdog noted a sharp rise in the offering of leveraged perpetual contracts, particularly those tied to crypto-assets like bitcoin and ethereum. ESMA emphasized that the commercial label—whether a product is called a “perpetual future,” “perpetual swap,” or “rolling contract”—is irrelevant. If a product provides leveraged exposure to an underlying crypto-asset and is cash-settled, it must adhere to existing national product intervention measures.
By categorizing these crypto derivatives as CFDs, ESMA ensures they are bound by the rigorous 2018-style protections designed to prevent significant retail losses. This move follows reports that some platforms have processed over $1.2 trillion in monthly perpetual volume, often targeting retail users with high leverage that exceeds EU-authorized limits.
“Firms must conduct a careful legal analysis of these products… the commercial name provided by firms is irrelevant for the categorization,” ESMA stated in its directive.
🧭 FAQs
Why is ESMA targeting “perpetual futures” on crypto-assets now? Regulators have observed firms using the “perpetual” label to bypass CFD restrictions while offering the same high-risk, high- leverage exposure to retail clients.
Does this affect institutional crypto traders? These specific product intervention measures primarily target retail clients. Professional and institutional traders typically operate under different leverage and protection frameworks.
What happens if a firm continues to offer crypto perpetuals without CFD protections? National Competent Authorities (NCAs) across the EU have the power to sanction firms, fine them, or force the withdrawal of non-compliant products from the market.
Is this related to the MiCA (Markets in Crypto-Assets) regulation? While MiCA regulates the crypto-asset market, ESMA’s statement clarifies how existing MiFID II and CFD rules apply to derivatives, closing a potential loophole for speculative instruments.
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