Coinbase and Robinhood Futures Arms Now Hold More Client Money Than the US Retail Forex Pool

The futures brokers of Coinbase and Robinhood held $581.4 million of segregated client money at the end of August. That is more than the $470 million all six US retail forex dealers owed their clients in the same month. Two years earlier the two firms' futures commission merchants (FCMs) held $40.3 million, according to FM Intelligence calculations from Commodity Futures Trading Commission (CFTC) data. The comparison matters because of who the CFTC has in mind for retail crypto leverage.