Coinbase Transfers Institutional Clients to Deribit Amid Calls for CLARITY Act Support

Coinbase is set to transfer its institutional clients to Deribit on September 9, as part of its plan for international derivatives trading. This move comes after a notice was sent to affected users, warning them that their accounts will be migrated and that trading will pause for about 30 minutes during the process.

According to Coinbase, some account settings will not be transferred, including existing API keys, which will need to be recreated after the migration. Margin loans will also not be carried over to Deribit.

Coinbase CEO Brian Armstrong has also weighed in on the CLARITY Act, calling on senators to vote in favor of the bill. He believes it would provide clear rules for the crypto industry and help protect consumers, give law enforcement better tools to deal with bad actors, and keep more crypto business inside the US.

The move to Deribit has sent Coinbase stock higher in pre-market trading, but its price is still far below its 52-week high of $402.16.