Core Viewpoint - Perpetuals.com has become the first European Multilateral Trading Facility (MTF) to offer direct client execution for crypto derivatives, following the approval of its MiFID II license expansion by the Cyprus Securities and Exchange Commission (CySEC) [2][3]. Group 1: Company Developments - The expanded MiFID II license allows Perpetuals to operate as a fully vertically integrated venue for leveraged crypto products across the European Economic Area (EEA), eliminating the need for external brokers or clearing houses [2][4]. - Perpetuals has integrated its trading stack by replacing its external clearing house with proprietary infrastructure, providing clients with direct access to the matching engine [2][6]. - The platform will initially offer proprietary knock-out barrier products known as Barrier Futures, supported by the BayesShield risk management system, which has been trained on over 11.7 billion order fills [7]. Group 2: Market Context - Prior to this development, European traders faced a fragmented market structure requiring multiple intermediaries for accessing leveraged crypto products, which Perpetuals has streamlined into a single regulated entity [3][5]. - The new structure aims to provide a direct-access experience comparable to offshore perpetual futures venues while remaining compliant with EU regulations [3][5]. Group 3: Regulatory Compliance - The expanded license is passportable across more than 30 countries within the EEA, ensuring that clients benefit from best execution protections, segregated asset accounts, and transaction reporting under MiFID II and MAR [4]. - Clients trading on the platform are also members of the Cyprus Investor Compensation Fund, enhancing investor protection [4].