Deribit moved 90% of client assets to Coinbase, then killed its daily proof-of-reserves check

According to CryptoSlate, Deribit will remove its daily public Proof of Reserves page on Sept. 1. The change ends client-level Merkle checks, which previously allowed customers to verify balance inclusion and compare aggregate liabilities with published wallet holdings. CryptoSlate notes that the adjustment coincides with a wallet infrastructure overhaul during Deribit's integration with Coinbase. Deribit stated that roughly 90% of client assets have moved into Coinbase custody arrangements since Coinbase acquired the derivatives platform in August 2025.

Following the removal, Deribit has not promised a replacement public dashboard. Instead, clients and counterparties may request audited financial statements and other due-diligence materials. CryptoSlate highlights that this change does not indicate a reserve shortfall and leaves existing regulatory controls in place. Dubai's Virtual Assets Regulatory Authority rules still require 1:1 reserves, daily reconciliations, and independent audits at least every six months. Covered firms must also submit monthly wallet addresses and quarterly statements to the regulator. CryptoSlate reports that the shift reduces daily public visibility while relying on less public and less frequent reporting mechanisms.