Deribit is ending daily proof-of-reserves publication
From 1 September the daily reserve snapshot stops, per the venue's own notice. What is left is an external audit twice a year and financial statements you have to ask for.
The daily number stops on 1 September.
In a notice dated 27 August 2026, Deribit says it will discontinue daily publication of its proof-of-reserves, citing changes to its wallet infrastructure as part of the ongoing integration with Coinbase, which acquired the venue in August 2025. Per the same notice, around 90% of client assets have already migrated to Coinbase, which acts as custodian.
What goes, and what the company says stays
The daily snapshot goes. The notice says the venue remains committed to transparency, that clients may request audited financial statements through support, and that independent proof-of-reserves audits will continue twice a year. It also sets out what it calls the Dubai requirements still applying to it: reserve assets of not less than the full value of client liabilities, client assets segregated from company assets, an independent external proof-of-reserves audit once a year, and annual financial-statement audits. That list is the venue’s account of its own obligations, not a regulator’s confirmation; this desk has not checked it against the public register, and nothing here establishes a licence anywhere.
Put two of those numbers next to each other and the change is legible without any interpretation. Daily becomes twice yearly. Published becomes on request.
They were never the same instrument
A daily reserve publication and a periodic external audit answer different questions, and swapping one for the other is not an upgrade or a downgrade so much as a change of genre. A snapshot published every morning is a liveness signal. It is cheap to produce, quick to check, and useful mainly because its absence is loud — the day it fails to appear, somebody notices. An audit goes deeper into the same balance sheet and arrives twice a year, by which time the wallet layout it describes may have moved. Neither one answers the question a customer actually holds, which is what happens to their claim if the legal entity fails.
The custody shift underneath is the part worth writing down. On the company’s own account most client assets now sit with Coinbase while the contract stays with Deribit, so the reader is looking at a chain rather than a box: one entity you trade with, another holding the coins, and a disclosure schedule that is thinning while that arrangement is still being built. That is not an allegation of anything. It is a description of a structure that changed in August.
For what these publications could and could not demonstrate in the first place, see our earlier piece on proof-of-reserves, three years on. The short version: a reserve figure without a verified liability figure is half a balance sheet, and an attestation has never been an audit.
Anyone with a balance on the venue should read the notice rather than a summary of it, this one included, and treat the whole asset class as the high-risk place it is. Nothing here is advice about where to keep anything.