When the term “Contracting entity” appears on your institutional Deribit by Coinbase application, it refers to the Coinbase group entity that your business will contract with. You don't choose this freely: it is determined by your entity's country of incorporation and principal place of business, and in some cases by the products and services you need..
Depending on those factors, you may contract with one entity for trading and a different entity for custody of your assets. The application will show the entity or entities that apply to you.
Which entity applies to you
Coinbase Bermuda Limited: Brokerage Service. For businesses incorporated and operating in countries supported by Coinbase Bermuda Limited, where standard terms apply. Coinbase Bermuda Limited acts as your broker and custodian. It routes your orders to the Deribit Exchange for execution and holds your margin and collateral. You contract with Coinbase Bermuda Limited under the Coinbase Bermuda User Agreement, and your trades are also governed by the Deribit Rulebook. This is the default model for Coinbase Bermuda Limited customers.
Deribit FZE (trading) and Coinbase Bermuda Limited (custody and settlement): Settlement Service. Available only to eligible institutional customers. It is not available to retail or professional customers. It is for businesses that have, or are onboarding to, a direct trading relationship with Deribit FZE and want Coinbase Bermuda Limited to provide custody and settlement. You trade directly with Deribit FZE under your own agreement with it and the Deribit Rulebook, and you complete Deribit FZE's onboarding separately. Coinbase Bermuda Limited acts only as custodian of your margin and collateral and as settlement agent, following Deribit FZE's instructions. It does not place, execute or liquidate your orders or trades. To ask about it, contact your Account Manager.
Deribit FZE: Direct Market Access (DMA) model. For businesses whose country of incorporation or principal place of business is the United Arab Emirates. It also applies to businesses in other supported countries that need a third-party custodian, a market maker or liquidity provider program, or a customized agreement. Deribit FZE covers both trading and custody, and clients become direct members of the Deribit Exchange.
DRB Panama, Inc.: brokerage model. For businesses in countries supported by our Panama entity that are not covered above. DRB Panama, Inc. covers both trading and custody and routes your orders to the Deribit Exchange as broker.
If your country of incorporation or principal place of business isn't supported by any of these entities, we're unable to open an account for you at this time.
Brokerage Service and Settlement Service at a glance (Coinbase Bermuda Limited)
Brokerage Service | Settlement Service | |
Who can use it | Eligible Coinbase Bermuda Limited customers | Eligible institutional customers only |
Who you trade with | Coinbase Bermuda Limited, as your broker on the Deribit Exchange | Deribit FZE, directly |
Coinbase Bermuda Limited's role | Broker, custodian and settlement agent | Custodian and settlement agent only |
Terms that apply | Coinbase Bermuda User Agreement and the Deribit Rulebook | Coinbase Bermuda User Agreement (primarily Part B, Section 13 - Settlement Service), your agreement with Deribit FZE, and the Deribit Rulebook |
Onboarding | Coinbase Bermuda Limited | Coinbase Bermuda Limited, plus separate onboarding with Deribit FZE |
Margin, liquidation and settlement | Deribit Rulebook, applied through Coinbase Bermuda Limited | Performed by Deribit FZE; Coinbase Bermuda Limited acts on its instructions |
Clients migrating from Coinbase International Exchange will be Brokerage Service clients at migration.
How your investor classification affects access
If you contract with our UAE entity, the features available to you depend on your investor classification:
Businesses classified as Qualified or Institutional investors get full access to trading on Deribit.
Businesses that don't meet that classification get spot-only trading access.
Investor classification doesn't change which entity you contract with; it only affects what you can trade. If you start on our Panama entity and later qualify as a Qualified or Institutional investor, you can move to our UAE entity from the Deribit interface, which is required for some features.
Why this matters
The entity you contract with determines the terms and conditions you accept, the regulatory framework that applies to your account, and in some cases which products you can access. You'll be asked to accept the relevant terms during onboarding before your account is enabled for trading.