Kraken: Delisting Pairs (including GBP pairs) and Suspension of Advanced Orders

[poordeveloper]

In order to help mitigate the strain on our platform caused by recent exponential growth, we are delisting some of our illiquid trading pairs and temporarily suspending all advanced order types. These changes will go into effect on Tuesday, August 22 around 6 am UTC (Monday August 21 around 11 pm Pacific).

The following pairs will be delisted with all outstanding orders being canceled

XBT/GBP
ETH/GBP
XRP/CAD
XRP/JPY
EOS/EUR
EOS/USD
XLM/EUR
XLM/USD
GNO/EUR
GNO/USD
REP/USD

The ability to create new advanced orders will also be temporarily suspended (so you will only be able to create basic limit and market orders)

Open orders will remain open until cancelled or executed, but you will no longer be able to create new orders in any of the following advanced types:

Stop Loss
Take Profit
Stop Loss, Take Profit
Stop Loss, Take Profit Limit
Stop Loss Limit
Take Profit Limit
Trailing Stop
Trailing Stop Limit
Stop, Limit

This suspension is temporary only. Advanced orders will return in a month or two as soon as we are better able to process them. We know that many of our clients like the advanced orders, but they are used much less frequently than basic limit and market orders while taking more system resources to process.

The above changes will go into effect on Tuesday, August 22 around 6 am UTC (Monday August 21 around 11 pm Pacific).

We apologize for the inconvenience but we think that immediate action is needed to help alleviate the current strain on our platform. We may take further action if these changes aren’t enough. Our overall plan is to reduce the load on our current platform until upgrades can be made that will enable us to smoothly scale capacity.

Thank you for choosing Kraken,

The Kraken Team

[bitjoin]

Kraken have told me over email that GBP trading remains on pairs BTC and ETH but when i look at the site i cant see anything.  I dont know if their support isn't up to date with the latest information or what.  Can anyone confirm GBP trading is still available? i dont know how you can cash out or buy BT with GBP without the option to have GBP in the first place.

[Newar]

GBP is gone for me on both, website and API. As they said in the email. Talk about short notice...

[poordeveloper]

No GBP pairs remaining, indeed.

[torrentco]

thank god finally.
maybe now we can get a better service.

[poordeveloper]

UK Kraken users will be the ones most harmed by these changes.

[MAbtc]

UK Kraken users will be the ones most harmed by these changes.

From the looks of it, yes. They aren't removing the most liquid crypto markets (BTC and ETH) for other fiat currencies. It sucks, but honestly, this is probably best for the long term. I've long thought that Kraken would have been better off doing what Bitstamp did -- convert currency after it's wired in, so they can create much better liquidity around one fiat currency market (like USD).

Naturally, people like trading against their own native fiat currency, but from an exchange's standpoint, it makes sense to pool liquidity. In the end, it's hopefully better for customers, as the other BTC and ETH markets will likely be more liquid with the addition of UK traders.

[poordeveloper]

UK Kraken users will be the ones most harmed by these changes.

From the looks of it, yes. They aren't removing the most liquid crypto markets (BTC and ETH) for other fiat currencies. It sucks, but honestly, this is probably best for the long term. I've long thought that Kraken would have been better off doing what Bitstamp did -- convert currency after it's wired in, so they can create much better liquidity around one fiat currency market (like USD).

Naturally, people like trading against their own native fiat currency, but from an exchange's standpoint, it makes sense to pool liquidity. In the end, it's hopefully better for customers, as the other BTC and ETH markets will likely be more liquid with the addition of UK traders.

Even though the situation you described wood be perfect, there is no way they could exchange such a huge amount of funds for free (I am talking about the GBP to USD or EUR exchange). They would have to either absorb that cost or charge a fee on exchanged incoming transfers, which everybody would complain about.