Coinbase Prepares Institutional Client Migration from International Exchange to Deribit

Coinbase is planning to move institutional client positions from its International Exchange to Deribit by September 9, with a planned cutover that will cancel open orders and settle positions at market prices.

The migration applies only to International Exchange institutional clients, not the retail users of the Coinbase app and website. According to Coinbase's FAQ, clients who do not want to migrate should treat August 28 as the boundary, closing any remaining positions by then or having their accounts closed.

Coinbase expects about 30 minutes of downtime on migration day, after which it will recreate the positions at the same settlement price through matched migration trades. The process does not constitute an ordinary closure and reopening, according to Coinbase's International Exchange trading rules.