Is Perp Futures Trading Still Legal for France Retail? 2026 AMF Ban Status & Real Workarounds

Introduction to Perpetual Trading in a Regulated Landscape

Perpetual futures, or perp trading, have become a cornerstone of crypto trading strategies due to their leverage, funding rates, and 24/7 accessibility. These contracts allow traders to speculate on cryptocurrency prices without expiration dates, making them ideal for hedging and momentum plays. However, for retail investors in France, regulatory scrutiny from the Autorité des Marchés Financiers (AMF) has cast a shadow over this practice.

As of 2025, with the EU's MiCA framework rolling out, questions persist: Is perp futures trading still legal for French retail users? What's the status of the rumored 2026 AMF ban? This article breaks down the current rules, forecasts ahead, and explores real workarounds paired with proven trading strategies to navigate compliance while maximizing opportunities.

Current Legal Status of Perp Trading for French Retail Investors

France has long imposed strict limits on retail access to high-risk derivatives. Since 2016, the AMF has banned retail CFD trading, and this extends to crypto perpetuals. Major centralized exchanges (CEXs) like Binance and Bybit explicitly restrict French IP addresses and verified users from derivatives markets, including perps.

• A 2023 AMF statement highlighted risks of leveraged crypto products, urging caution.
• Under MiCA (Markets in Crypto-Assets), effective from 2024, crypto derivatives fall outside stablecoin and utility token scopes, leaving them unregulated for retail but effectively banned via platform geo-blocks. CoinDesk reports confirm platforms must delist non-compliant products for EU users.

French retail traders cannot legally access perps on licensed CEXs without violating terms of service or local laws, risking account freezes or fines.

The 2026 AMF Ban: Status and Projections

Rumors of a full 2026 AMF ban stem from ongoing consultations. While no official "2026 perp ban" is legislated yet, the AMF's 2025 roadmap emphasizes tightening leverage caps under MiCA Phase 2.

• Projections from Reuters suggest expanded restrictions on retail derivatives, aligning with ESMA guidelines limiting leverage to 2:1 for majors like BTC.
• A Cointelegraph analysis indicates perps could face outright retail prohibition by 2026 if volatility persists.

In short, perp trading isn't "banned" today for retail but is practically inaccessible. Expect tighter enforcement by 2026, pushing traders toward compliant alternatives.

Real Workarounds: Legal Strategies and Techniques for French Traders

While CEX perps are off-limits, savvy French retail investors can pivot to compliant paths. Focus on low-leverage or non-derivative strategies, always prioritizing self-custody for security.

1. Spot Trading with Advanced Techniques

Shift to spot crypto trading on EU-regulated platforms like Kraken or Coinbase, which support French users without leverage.

• Dollar-Cost Averaging (DCA): Automate buys during dips. Strategy: Allocate 1% of portfolio weekly to BTC/ETH, rebalancing quarterly.
• Swing Trading: Use 4H charts for entries on RSI divergences. Enter long above 50 EMA, target 5-10% gains.

After trades, withdraw to OneKey OneKey for secure offline storage—its air-gapped signing protects against exchange hacks.

2. Decentralized Perpetual Protocols (DEX Perps)

On-chain perps via DEXs like GMX or Gains Network offer access without KYC, but verify French IP compatibility.

• Liquidity Provision Hedging: Provide liquidity on GMX V2 while shorting correlated perps. Technique: Delta-neutral positions via GLP tokens, earning fees amid funding rate arb.
• Scalping with Funding Rates: Monitor 8H funding; long negative rates, short positive. Use limit orders at key levels (e.g., 0.618 Fib retracement).

A DefiLlama dashboard tracks TVL and volumes, confirming DEX perps' resilience post-MiCA.

3. Options and Structured Products

Explore Deribit (non-EU restricted) or regulated ETF futures via brokers like Interactive Brokers.

• Covered Calls: Hold spot BTC, sell OTM calls for yield. Risk-managed theta decay play.
• Always transfer to OneKey post-expiry to avoid custodial risks.

These techniques maintain perp trading edges legally, with backtested APYs of 15-30% per IntoTheBlock research.

Risks, Compliance Tips, and Best Practices

• Regulatory Risks: VPNs for CEX access violate AML rules; fines up to €100K possible.
• Market Risks: Leverage amplifies losses—cap at 3x.
• Security: Use hardware wallets; move to OneKey after every session.

Stay updated via AMF's English site.

Conclusion: Secure Your Edge in a Compliant Future

Perp futures remain challenging but not impossible for French retail in 2025, with 2026 likely bringing stricter AMF oversight. By adopting spot swings, DEX strategies, and self-custody via OneKey—renowned for its multi-chain support and robust recovery features—you can trade smartly and sleep soundly. Download OneKey today to safeguard your gains.