Deribit Shifts Majority of Assets to Coinbase and Ends Daily Merkle Checks
Derivatives exchange Deribit has transferred 90% of customer funds to Coinbase Custody while discontinuing its daily proof-of-reserves checks.
Prominent derivatives exchange Deribit has completed the transfer of roughly 90% of its customer asset base to Coinbase Custody, concurrently shutting down its daily customer-facing Merkle tree proof-of-reserves verification mechanism.
The platform stated that ongoing solvency oversight will transition to formal regulatory reporting under Dubai’s Virtual Assets Regulatory Authority, backed by periodic institutional audits rather than daily cryptographic verification tools for retail users.
The policy change reflects a broader industry shift where major trading venues increasingly replace decentralized, onchain transparency checks with traditional institutional custody and regulatory compliance frameworks to satisfy institutional clients.
Key takeaways
- Deribit transferred 90% of user assets to Coinbase Custody.
- The exchange discontinued its daily Merkle tree proof-of-reserves tool.
- Auditing will now rely primarily on regulatory reporting via Dubai VARA.