Coinbase and Robinhood futures arms hold more client money than US retail forex dealers
Coinbase and Robinhood futures brokers held $581.4 million in segregated client funds in August, exceeding the $470 million held by all six US retail forex dealers combined.
Why it matters
The shift shows crypto-focused FCMs now hold more retail client money than traditional forex dealers, which is relevant as the CFTC develops a retail crypto leverage framework that would restrict retail crypto loans to FCMs or their sponsored banks.
Key facts
The combined crypto FCMs crossed the retail forex total in January 2026
Reported by Finance Magnates Crypto
Robinhood is expanding frxUSD liquidity with new SPY and NVDA trading pairs through a partnership with Frax Finance and Giga_Dex
Reported by Crypto News (CryptoNews.net)
What happened
Finance Magnates Crypto reported that the futures commission merchants of Coinbase and Robinhood held $581.4 million in segregated client money at the end of August, surpassing the $470 million owed by all six US retail forex dealers. Two years earlier, the two firms' FCMs held $40.3 million. Coinbase Financial Markets held $346.9 million and Robinhood Derivatives held $234.5 million in August, crossing the retail forex total in January 2026. The CFTC published an advance notice on a retail crypto framework on October 5 that contemplates loans for retail crypto purchases only through FCMs or banks they sponsor. In June, the CFTC fined two firms $2.5 million for a white-label service allowing offshore brands to offer leveraged trades to US retail clients. A separate Crypto News report noted Robinhood is expanding frxUSD liquidity with new SPY and NVDA trading pairs through a partnership with Frax Finance and Giga_Dex.
How the story developed
- First report
First report by Finance Magnates Crypto
Coinbase and Robinhood Futures Arms Now Hold More Client Money Than the US Retail Forex Pool
- Update
Crypto News syndicates the Finance Magnates report
Same figures and analysis republished
- Update
Crypto News reports Robinhood expanding frxUSD liquidity with new trading pairs
SPY and NVDA pairs added through Frax Finance and Giga_Dex partnership
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 11 Oct 2026, 21:35 UTC: Finance Magnates Crypto, Mainstream media — 1 independent source, 1 reports
- 13 Oct 2026, 20:36 UTC: Crypto News (CryptoNews.net) — 2 independent sources, 3 reports
Affected entities
Also mentioned: Bitcoin, European Securities and Markets Authority, Aave, FTX
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Finance Magnates Crypto Mainstream media | Coinbase and Robinhood Futures Arms Now Hold More Client Money Than the US Retail Forex Pool | Original | |
| Crypto News (CryptoNews.net) Aggregator | Coinbase and Robinhood Futures Arms Now Hold More Client Money Than the US Retail Forex Pool | Syndicated | |
| Crypto News (CryptoNews.net) Aggregator | Robinhood Expands frxUSD Liquidity with New Trading Pairs | Syndicated |
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