Deribit Transfers 90% of Client Reserves to Coinbase and Halts Daily Checks
Crypto derivatives exchange Deribit has migrated most user assets to Coinbase custody while discontinuing its daily public Merkle tree reserve checks.
Crypto derivatives platform Deribit has transferred approximately 90% of user assets into Coinbase Custody. Concurrently, the exchange discontinued its daily self-service Merkle tree proof-of-reserves verification tool as of September 1.
Deribit stated it will rely on regulatory filings through Dubai's VARA and third-party audits instead. However, replacing real-time cryptographic verification with periodic corporate reports has drawn transparency concerns from community observers.
The move underscores a broader shift toward institutional custody providers, though trading desks may scrutinize platforms that dial back on-chain verifiable solvency mechanisms.
Key takeaways
- Deribit shifted 90% of customer deposits to Coinbase Custody
- Daily Merkle tree proof-of-reserves checks were discontinued on September 1
- The exchange will now depend on regulatory reports and third-party audits