Kraken Forces Liquidation of 56 Cryptocurrencies Across Three Parallel Cycles

Kraken has announced that it will be delisting 56 cryptocurrencies across three parallel cycles, which means that users will no longer be able to trade or withdraw these assets from the exchange.

The first withdrawal deadline is on August 27 at 14:00 UTC, and after this date, 21 of the affected tokens can no longer be withdrawn. Kraken will then sell any remaining balances between September 1-5, but notes that this may result in minimal or zero proceeds due to thin order books.

The delisting process is staggered across three cycles, with withdrawal deadlines on August 27 (21 tokens), September 25 (14 tokens), and November 6 (21 tokens). Kraken states that the reason for the delistings is its internal performance and compliance standards, not a regulatory requirement.