Coinbase Shifts Institutional Clients to Deribit Ahead of September Migration

Coinbase is set to migrate its institutional clients from its International Exchange to Deribit, the world's largest crypto options exchange. The migration is scheduled for September 9 and will result in a temporary pause of about 30 minutes during which trading will be suspended, all open orders will be canceled, and positions will be settled at the prevailing mark price.

After this period, the recreated positions on Deribit will have the same reference price as before. Existing API keys and margin loans will not be transferred to Deribit.

Clients who choose not to migrate must close their positions and accounts by August 28. This means that they cannot use Coinbase's International Exchange after this date, unless they are willing to recreate their positions on Deribit after the migration.