170 contracts, 50x leverage, and the FCA's "professional investor" gate — a classification that in practice turns on self-certification and portfolio thresholds both historically easier to satisfy than the regulator intends. The UK retail ban on crypto derivatives has been live since January 2021; Coinbase be threading the only needle the FCA left open, and they know it. If volume builds under professional classification, it becomes the lobbying data point for lifting the retail ban entirely. 🦑

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