Perpetuals.com Ltd (NASDAQ: PDC) announced that its Cyprus Securities and Exchange Commission-regulated Multilateral Trading Facility received approval to expand its MiFID II license to include direct client order execution.

The approval allows the company's MTF to combine regulated trading venue operations with direct client execution in a single licensed entity, eliminating requirements for external brokers or clearing houses. The expanded license covers the entire European Economic Area across more than 30 countries.

According to the company, the structure consolidates three previously separate functions - client onboarding, trade matching, and settlement - into one regulated entity. European traders previously required separate licensed brokers, trading venues, and clearing houses to access leveraged crypto products.

"European traders have only had two bad choices for leveraged crypto: take the regulatory protection and accept three intermediaries between you and the trade, or go offshore and accept that nobody is watching your money," said Patrick Gruhn, Chief Executive Officer. "We just made that trade-off obsolete."

The platform provides MiFID II investor protections, segregated asset accounts, transaction reporting, and membership in the Cyprus Investor Compensation Fund. Clients can trade directly on the matching engine without intermediary brokers.

Perpetuals has replaced its external clearing house with proprietary clearing infrastructure, completing what the company describes as vertical integration of its trading operations. The company's Barrier Futures knock-out products will be among the first instruments available under the expanded license.

The company operates its BayesShield risk management system, which the press release states was trained on more than 11.7 billion order fills for real-time risk surveillance.