Deribit Ends Daily Public Proof of Reserves After Coinbase Custody Shift
Deribit removes its public Merkle Proof of Reserves page on September 1 following the move of 90 percent of client assets to Coinbase custody while keeping VARA reserve rules.
Deribit will remove its public Proof of Reserves page on September 1, ending daily client-level Merkle tree verification that allowed users to confirm balance inclusion and compare aggregate liabilities against published wallet holdings.
Roughly 90 percent of client assets have moved into Coinbase custody arrangements since the August 2025 acquisition of the platform.
Remaining obligations
Dubai's Virtual Assets Regulatory Authority requires Deribit FZE to maintain 100 percent one-to-one reserves, perform daily reconciliation, and obtain an independent reserve audit at least every six months.
Clients may still request audited financial statements and other due-diligence material after the change.
Open details
The specific Coinbase legal entity holding the assets is not identified in disclosures.
It is also not stated whether every Coinbase-held asset was already excluded from prior public snapshots.