Deribit moves 90% client assets to Coinbase, ends daily proof-of-reserves check

Deribit will remove its public Proof of Reserves page on Sept. 1, ceasing a daily check for customers to verify balances and compare liabilities with wallet holdings. Regulatory reserve, reconciliation, and audit controls will remain but lack daily public visibility. The exchange stated this change is due to a wallet infrastructure overhaul during its integration with Coinbase, which acquired the derivatives platform in August 2025. Approximately 90% of client assets have been transferred to Coinbase custody. Deribit's current system employs a privacy-preserving binary Merkle tree and daily snapshots, allowing clients to use unique proof identifiers to verify their balances. The public snapshot was already limited, excluding assets held with third-party custodians like Copper ClearLoop. After Sept. 1, Deribit has not committed to a replacement public dashboard or continued client-level verification. Clients may request audited financial statements, which are less frequent and less directly verifiable. The removal does not negate Deribit FZE's obligations under Dubai's Virtual Assets Regulatory Authority (VARA), which mandates reserves equal to 100% of client liabilities and requires independent audits every six months. Deribit's notice mentions both annual and semi-annual Proof of Reserves audits. VARA requires covered firms to submit wallet addresses and compliance statements quarterly. Deribit FZE is listed as an active exchange and broker-dealer VASP, with assets held directly or through third-party custodians. The removal of the page does not indicate a reserve shortfall but reduces customers' ability to verify reserves daily.