Coinbase sets Sept. 9 Deribit migration for institutions

Coinbase will transfer institutional clients’ International Exchange accounts, balances and open positions to Deribit on Sept. 9, with trading expected to pause for about 30 minutes during the cutover. Summary Coinbase will migrate institutional International Exchange accounts, balances and positions to Deribit on September 9. Clients declining the transfer must close positions and accounts before Coinbase’s August 28 opt-out deadline. Migration will cancel open orders, crystallize profit and loss, then recreate positions at identical prices. Existing API keys and margin loans will not transfer, requiring technical and financing changes beforehand. Deribit will become Coinbase’s unified global derivatives venue, combining previously separated institutional liquidity pools worldwide. The company set Aug. 28 as the deadline for clients who do not want to participate. Those institutions must close their positions and International Exchange accounts before that date. Accounts left open will be treated as having accepted the updated terms and migration. The transfer moves Coinbase closer to consolidating its international derivatives operations under Deribit. Coinbase completed its acqu...