Authorities have launched an investigation into a virtual currency trading platform for offering perpetual futures services, leading to criminal measures against its executives. This case underscores the ongoing judicial debate over whether perpetual futures are legitimate financial instruments or akin to gambling. Perpetual futures, characterized by their lack of expiration, leverage, and price alignment with spot markets, are being scrutinized alongside practices like binary options and manipulated trading platforms. The investigation highlights the need to clearly differentiate between authentic financial products and fraudulent schemes.