Deribit to Discontinue Daily Proof of Reserves Publication

From 1 September 2026, Deribit will discontinue its Proof of Reserves page. This decision reflects changes to our wallet infrastructure as part of our ongoing integration with Coinbase.

Proof of Reserves page

Deribit introduced its Proof of Reserves page in 2022 as a voluntary transparency initiative, following increased industry demand for greater visibility into exchange liabilities and reserves.

The page used a privacy-preserving binary Merkle tree. Client balances were split by asset and represented as hashed entries, allowing clients to verify which entries related to their accounts without exposing individual balances. The aggregate liabilities could then be compared with the on-chain balances of wallets published by Deribit.

This methodology and wallet structure were designed around Deribit’s existing wallet infrastructure. As we continue our integration with Coinbase, daily Proof of Reserves updates will no longer be published and the Proof of Reserves page will be removed.

What this means for clients

This change does not affect how client assets are held or protected.

As of 1 January 2025, Deribit has been regulated by the Virtual Assets Regulatory Authority (VARA) in Dubai. Under this regulatory framework, Deribit is required to:

• Maintain reserve assets of not less than 100% of client liabilities.
• Keep client assets segregated from company assets.
• Undergo an independent external Proof of Reserves audit once a year.
• Undergo an annual audit of its financial statements.

These requirements remain in force. Client assets remain fully segregated, the 1:1 reserve ratio remains in place, and independent Proof of Reserves audits will continue twice a year.

Continued integration with Coinbase

Coinbase completed the acquisition of Deribit in August 2025. Since then, approximately 90% of client assets have been migrated to Coinbase, which acts as a custodian for Deribit.

The integration supports the continued development of the Deribit platform and enables us to introduce new products and features over time.

Daily publication of the Proof of Reserves page was a voluntary initiative that went beyond our regulatory requirements. Deribit remains committed to transparency, and clients and counterparties may request our audited financial statements and other due diligence materials by contacting [email protected].