Deribit Kills Public Proof-of-Reserves Check After Migrating Client Assets to Coinbase

Deribit, a derivatives exchange, has announced that it will remove its public Proof of Reserves page on September 1. This move comes after the exchange integrated with Coinbase and migrated roughly 90% of client assets to Coinbase custody arrangements since August 2025.

The existing system uses a privacy-preserving binary Merkle tree and a daily snapshot, allowing clients to verify balance inclusion and compare aggregate liabilities with published wallet holdings.

Deribit stated that the removal of the public Proof of Reserves page does not cancel its obligations under Dubai's Virtual Assets Regulatory Authority (VARA) requirements. VARA requires covered virtual asset service providers 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.

Deribit's notice emphasizes that the removal is not evidence of a reserve shortfall, but rather a reduction in what customers can test for themselves each day. Clients and counterparties may request audited financial statements and other due-diligence material as an alternative form of evidence.