Deribit will discontinue its public Proof of Reserves page on September 1, eliminating a daily verification tool that allowed customers to check their balance inclusion and compare aggregate liabilities against published wallet holdings.
The change accompanies Deribit's integration with Coinbase, which acquired the derivatives platform in August 2025. Approximately 90% of client assets have moved into Coinbase custody arrangements since the acquisition.
What the removal changes:
The exchange currently operates a privacy-preserving binary Merkle tree system that generates daily snapshots. Individual clients can use unique proof identifiers to locate their hashed balance entries, and anyone can sum the liabilities and cross-check them against Deribit's published wallet balances. After September 1, this client-level Merkle verification will end.
Deribit has not committed to providing a replacement public dashboard or continued Merkle verification capability. Clients and counterparties may request audited financial statements and other due diligence materials, but these are less frequent and less directly verifiable than daily public checks.
Regulatory requirements that remain:
Dubai's Virtual Assets Regulatory Authority requires covered service providers to maintain reserves equal to 100% of client liabilities, hold them on a one-to-one basis in the same asset, perform daily reconciliations, and obtain independent third-party reserve audits at least every six months. Deribit FZE remains an active VARA-regulated exchange and broker-dealer.
Additional obligations include monthly wallet address submissions to VARA and quarterly compliance statements demonstrating reserve assets. Annual financial-statement audits and annual reports available to clients and the regulator also remain in effect.
The removal of the public Proof of Reserves page represents a reduction in customer-accessible verification tools rather than evidence of reserve issues. Regulatory controls persist, though they operate with less public visibility and lower frequency than the daily snapshots customers previously accessed.
