According to CoinMeta, Coinbase stated on the X platform that spot margin trading is only available to qualified customers in specific jurisdictions. In the United States, it is only accessible to eligible contract participants. The lender, custodian, and spot execution entity depend on the customer's jurisdiction, subject to the applicable terms. Borrowing can amplify both gains and losses, and collateral may be liquidated without prior notice, resulting in customers potentially losing more than their initial deposit. Spot margin trading is provided by affiliates of Coinbase and is not a CFM product.