Coinbase Institutional Accounts to Migrate to Deribit on September 9, requiring position rebuild and API key update

August 4th, Coinbase announced that its Institutional International Exchange accounts, balances, and positions will officially migrate to the Deribit platform on September 9th. The entire transition process is expected to be completed within 30 minutes. The migration will trigger a forced settlement of existing positions and a reestablishment of positions. Existing margin loans must be closed in advance, historical data will be retained, but users will need to regenerate API keys. If institutional clients do not wish to participate in the migration, they must close their positions and International Exchange accounts by August 28th to complete the exit. Accounts that are not exited by the deadline will be automatically migrated.

This migration marks Coinbase's integration of part of its institutional derivatives trading infrastructure into Deribit, the long-time leader in the cryptocurrency options market. Coinbase has previously collaborated with Deribit on clearing and liquidity.