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Coinbase posted on Platform X that spot margin trading is only open to eligible clients in certain jurisdictions; in the United States, it is only open to eligible contract participants. The Lender, the Custodian and the Spot Executing Entity depend on the Customer's jurisdiction, subject to the applicable terms. Borrowings amplify gains and losses, collateral may be liquidated without notice and customers may lose more than the initial deposit; spot margin transactions are provided by Coinbase affiliates and are not CFM products.