Coinbase Prepares Major Institutional Shift to Deribit

Coinbase is moving institutional accounts from its International Exchange to Deribit on September 9. This process will cancel all open orders and settle existing positions at market prices. The exchange then plans to recreate those positions on Deribit to ensure continuity for clients. This shift is specific to institutional users and does not affect individual retail traders on the Coinbase app.

The timeline is strict for those who prefer not to move. Clients who wish to opt out must close their International Exchange accounts by August 28. Any accounts left open after this deadline will be automatically included in the migration. Coinbase expects a 30 minute window of downtime during the actual move on September 9.

Institutional clients need to prepare for technical changes before the cutover. Existing API keys will stop working on the new platform, meaning firms must update their systems and generate new credentials. Coinbase advises users to download historical trade data for tax and reporting purposes, as that information will not carry over to Deribit.

Margin loans will not transfer, so these must be settled before the migration date. Because price differences between the two exchanges could occur, traders might see changes in their unrealized profits or losses once the move is complete. Account managers are currently working with institutional clients to handle specific jurisdictional requirements and custody arrangements.