ESMA’s Crypto Crackdown: Perpetual Futures Under Fire!
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.




