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Deribit confirmed it will pull down its public Proof of Reserves page on September 1, as part of a wallet infrastructure overhaul tied to its integration with $Coinbase following last year's acquisition. The exchange says about 90% of client assets have already moved into Coinbase custody arrangements.
The daily PoR page let clients look up their own balance via a unique proof ID inside a Merkle tree snapshot, and let anyone sum total liabilities against Deribit's published wallet addresses. That daily, self-serve check disappears after Sept 1. No replacement dashboard or client-level verification tool has been announced. Instead, Deribit says clients and counterparties can request audited financial statements and other due-diligence documents on request, which is slower and far less transparent than a daily public snapshot.
Deribit FZE remains subject to VARA rules in Dubai, which require 1:1 reserves, daily internal reconciliation, and an independent reserve audit at least every six months, plus an annual financial statement audit. Those obligations don't go away. But most of that reporting is regulator-facing or available only by request, not public by default.
Worth flagging: Deribit's disclosures name Coinbase at the brand level only, without specifying which Coinbase legal entity actually holds the migrated assets. The old PoR methodology also already excluded assets held with outside custodians like Copper ClearLoop, and it's unclear if Coinbase-held assets fall under a similar exclusion.
None of this proves any shortfall. It's a reduction in what customers can independently verify day to day, replaced by periodic and less public reporting.
Anyone using Deribit had advance notice of this, or is this the first you're hearing of it?
Want to start trading? Sign up on fomo.family and save 10% on trading fees!
The daily PoR page let clients look up their own balance via a unique proof ID inside a Merkle tree snapshot, and let anyone sum total liabilities against Deribit's published wallet addresses. That daily, self-serve check disappears after Sept 1. No replacement dashboard or client-level verification tool has been announced. Instead, Deribit says clients and counterparties can request audited financial statements and other due-diligence documents on request, which is slower and far less transparent than a daily public snapshot.
Deribit FZE remains subject to VARA rules in Dubai, which require 1:1 reserves, daily internal reconciliation, and an independent reserve audit at least every six months, plus an annual financial statement audit. Those obligations don't go away. But most of that reporting is regulator-facing or available only by request, not public by default.
Worth flagging: Deribit's disclosures name Coinbase at the brand level only, without specifying which Coinbase legal entity actually holds the migrated assets. The old PoR methodology also already excluded assets held with outside custodians like Copper ClearLoop, and it's unclear if Coinbase-held assets fall under a similar exclusion.
None of this proves any shortfall. It's a reduction in what customers can independently verify day to day, replaced by periodic and less public reporting.
Anyone using Deribit had advance notice of this, or is this the first you're hearing of it?
Want to start trading? Sign up on fomo.family and save 10% on trading fees!