Introduction
Perpetual futures and tokenised stocks require a MiFID II licence in the EU — MiCA is not enough. The group holding this licence is small: fewer than five major players. This page tracks the current list with jurisdictions and scope.
Why is this list so short?
MiFID II is heavier than MiCA: capital requirements from €125,000 to €730,000 depending on scope, application timelines beyond a year, and ongoing best-execution, reporting and investor-protection duties.
The current list
Based on public registers (July 2026):
- Backpack (EU) — MiFID II via Cyprus (CySEC); true perpetuals and real stocks
- OKX (EU) — MiFID II via Malta (MFSA); X-Perps (60-month expiry futures) on crypto, stocks and commodities
- Kraken — MiFID II via Cyprus (CySEC, Payward Europe); derivatives
- Coinbase — MiFID II via Cyprus (CySEC); perpetuals via its international entity
- Crypto.com — MiFID II via Malta (MFSA)
- Bitstamp — MiFID II via Slovenia (ATVP); perpetuals, 13 pairs
Per jurisdiction
Cyprus (CySEC) is the most common route for crypto derivatives; Malta (MFSA) enables MiCA + MiFID II in one country; Slovenia (ATVP) hosts smaller broker-style structures; Germany (BaFin) mainly traditional institutions.
Check the scope
Watch what the licence actually covers: true perpetuals, expiry futures (X-Perps) or only tokenised stocks. The differences are explained in Perpetuals vs expiry futures and Real stocks vs wrapper tokens.
Verify it yourself
- Find the legal entity name in the exchange's terms.
- Check the register of the relevant supervisor (CySEC, MFSA, ATVP, BaFin).
- Confirm the services covered — "reception & transmission" is not "dealing on own account".
Frequently asked questions
My exchange offers perps but is not listed. How?
The offering probably runs outside EU supervision (offshore entity or reverse solicitation) — without MiFID II protection.
Does the leverage cap apply at all these venues?
Yes — retail clients face MiFID II leverage limits (typically ~10x for crypto derivatives).