Deribit to discontinue public Proof of Reserves after moving assets to Coinbase

Deribit announced that on September 1 it will shut down its public Proof of Reserves dashboard. The change follows a migration of roughly 90 % of client assets into custody arrangements with Coinbase, which the exchange acquired in August 2025.

What the removal means

Until now, Deribit provided a daily Merkle‑tree snapshot that allowed each client to verify that their balance was included and enabled anyone to sum total liabilities against the wallet balances published by the exchange. After the September 1 deadline, the public verification tool will no longer be available.

Remaining controls

• Regulator‑required reserve, reconciliation and audit controls will stay in place.
• Clients and counterparties can request audited financial statements and other due‑diligence material, though these are provided less frequently and on request.
• The Dubai Virtual Assets Regulatory Authority (VARA) continues to require Deribit FZE to maintain reserves equal to 100 % of client liabilities, reconcile them daily, and undergo an independent reserve audit at least every six months.

Custody details

Deribit’s disclosures name Coinbase at the brand level but do not specify the legal entity holding the migrated assets. The exchange’s prior methodology excluded assets held with third‑party custodians from the public snapshot, citing Copper ClearLoop as an example. It is unclear whether all Coinbase‑held assets were already excluded from the public view.

Regulatory context

VARA’s rules require covered virtual asset service providers to keep client assets segregated from company assets, hold them one‑to‑one in the same asset, and submit monthly wallet addresses and quarterly compliance statements. Deribit is listed as an active exchange and broker‑dealer VASP on VARA’s register, and a separate service‑provider list identifies Coinbase as a custody and self‑custody technology provider.

Implications for users

The removal of the public dashboard does not indicate a shortfall in reserves, but it reduces the amount of real‑time, publicly verifiable information available to customers. Users will need to rely on periodic audits and on‑request disclosures rather than daily, self‑served verification.