How Coinbase plans to force-settle and instantly recreate institutional positions on Deribit within a 30-minute window

Coinbase expects to move Coinbase International Exchange institutional accounts, balances, and positions to Deribit on Sept. 9, a planned cutover that would cancel open orders, settle positions at market prices, and recreate them on Deribit. The change applies to International Exchange institutional clients, not the retail migration path for Coinbase app and website users.

Clients that do not want to migrate should treat Aug. 28 as the boundary. Coinbase's institutional migration FAQ labels it the last day to opt out by closing positions and separately says a client that does not wish to migrate must close its International Exchange account before Aug. 28. Accounts left open will be deemed to have accepted the new terms and migration.

Coinbase says all stated dates, timelines and milestones remain estimates and may change. It expects new Deribit subaccounts to be available in a read-only state on Aug. 31, giving institutions time to verify access, generate API keys, confirm portfolio mappings and request position or withdrawal limits.

… Continue reading the full article at the original source below.