Deribit Kills Daily Proof-of-Reserves Check Amid Coinbase Integration

Deribit, a derivatives platform, has moved approximately 90% of client assets to Coinbase custody arrangements since its acquisition by Coinbase in August 2025. As part of this integration, Deribit will remove its daily public Proof of Reserves page on September 1.

The removal of the page means that clients can no longer use a unique proof identifier to find hashed entries representing their balances, making it less possible for them to verify balance inclusion and compare aggregate liabilities with published wallet holdings. However, regulator-required reserve controls will remain in place, including daily reconciliations and independent audits at least every six months.

The VARA rules still require Deribit FZE to maintain reserves equal to 100% of client liabilities, hold them one-to-one in the same asset, reconcile them daily, and obtain an independent third-party reserve audit at least every six months. Clients can request audited financial statements and other due-diligence material, a less frequent and less directly verifiable form of evidence.