Kraken to cancel orders across 176 crypto markets in sweeping trading overhaul

Kraken will replace 176 cryptocurrency trading pairs with synthetic markets, eliminating maker-fee eligibility and forcing the cancellation of outstanding orders.The exchange said in an Oct. 27 notice that affected markets will enter cancel-only mode on Nov. 6 at 14:00 UTC, preventing customers from submitting new orders. Existing orders will be canceled and the native markets removed between Nov. 6 and Nov. 9.Replacement markets are scheduled to become available by the end of Nov. 9, although customers must submit fresh orders because existing instructions will not transfer.The changes affect pairs including BTC/DAI, ETH/JPY, AAVE/BTC, ADA/AUD and SHIB/USDT. Kraken said the underlying cryptocurrencies will remain available on its platform, while customer balances and margin trading pairs will be unaffected.Kraken's synthetic markets eliminate maker pricingThe migration changes how customers execute trades across the affected markets, replacing traditional order books with a system that routes transactions through existing liquidity pools.Under Kraken's synthetic trading model, orders execute through two underlying markets that share a common currency, typically the US dollar, with...