Deribit Shifts Away from Daily Public Proof of Reserves

Deribit, the prominent crypto derivatives exchange, has announced the retirement of its public Proof of Reserves (PoR) page effective September 1. This change signals a departure from the daily, user-driven verification system that allowed customers to independently audit their balance inclusion and compare aggregate liabilities with the exchange’s wallet holdings.

Transition to Coinbase Custody

The primary driver behind this decision is an extensive overhaul of Deribit’s wallet infrastructure following its integration with Coinbase. Since the acquisition, approximately 90% of client assets have transitioned into Coinbase’s custody solutions. The exchange’s existing transparency tool, which relies on a privacy-preserving Merkle tree and daily snapshots, was primarily designed for assets under Deribit's direct control. As the custody footprint shifts toward third-party providers, the current methodology—which excludes assets not directly held by Deribit—has become less reflective of the platform's total holdings.

Regulatory Oversight vs. Public Visibility

Despite the removal of the public dashboard, Deribit remains subject to strict oversight by Dubai’s Virtual Assets Regulatory Authority (VARA). The exchange is still required to maintain 100% reserves, conduct daily internal reconciliations, and undergo third-party audits every six months. However, the shift replaces real-time, public-facing transparency with a more traditional, regulator-facing compliance model. Moving forward, users seeking verification will need to request audited financial statements and due-diligence materials, a process that is significantly less frequent and more manual than the outgoing automated system.