Kraken CEO Warns Users to Get Your Coins Out of Centralized Exchanges
Jesse Powell has spoken out in response to the Canadian government’s unexpected seizing of its residents’ bank accounts.
Important Points to Remember
With the ongoing raging issue in Canada, Jesse Powel of Kraken has attacked the government for the unjust seizing of residents’ bank accounts by the Canadian administration meant for the trucker’s demonstration.
After exposing that Kraken will be obligated to comply with any confiscation warrants, Powell advised readers with his tweet to “remove your assets from “controlled systems.
The authorities can prohibit cryptocurrency transfers to controlled systems; p2p payment systems are unaffected.
Jesse Powell, CEO of Kraken, has condemned the Canadian authorities for seizing funds from residents’ wallets without proper process. He said Kraken would be required to follow asset confiscation requests and advised users to move their assets and money away from controlled platforms.
Jesse Powell Aired His Opinion
The CEO of Kraken expressed his displeasure with the Canadian administration.
Jesse Powell slammed Justin Trudeau’s administration’s recent emergency directives, which allow authorities to confiscate assets from Canadians’ accounts without the need for a court order, in a tweet sent Thursday evening. The Canadian government attempts to cut off financial aid to the trucker activists, who have stopped numerous important transportation networks in an outcry of the country’s continued Covid-19 requirements, using the Emergencies Act.
Powell stated that while it might make sense for civilians to follow procedure, it is not the case with the government willing to seize assets without following the due process of having a court ruling. In a press release on Thursday, Chrystia Freeland diverged that the authorities had begun blocking bank accounts, confiscating cash, and terminating financial services for anyone associated with the activist rallies.
Powell followed up with a tweet warning that if prosecutors demanded to freeze transactions from certain crypto addresses, Kraken and other controlled crypto platforms would be forced to comply. Powell responded to a question from user @degderat on if this new act applies to Kraken:
It will occur/has occurred, and we will have to corporate
“100% yes, it has happened/will happen, and 100% yeah, we will be obliged to comply.” Are you concerned, then you don’t have to put your money in a centralized or regulated depository. We are unable to safeguard you. Remove your assets and only engage in peer-to-peer (p2p) trading.”
On Thursday, Canadian officials placed over 30 crypto accounts associated with the Freedom Rally on a ban. The accounts in question have a total value of $1.3 – 1.4 million in bitcoins. Any funds transferred from the wallet to a controlled platform by FINTRAC would be instantly blocked, according to the Royal Canadian Mounted Police.
Another prominent crypto personality has criticized the Canadian government’s move to collect assets from its residents, adding to the list is Jesse Powell. Coinbase Chairman Brian Armstrong expressed his displeasure with current events in Canada on Tuesday, emphasizing the need to store crypto money in a personalized account.
Others, including Bitcoin experts, have predicted that the issue in Canada will trigger another “Cyprus episode” for Bitcoin. When the financial crisis in Cyprus prompted worries of a banking collapse in 2013, the value of the major cryptocurrency skyrocketed.
While a charge on Canada’s banks appears improbable at this time, the Canadian government’s latest bank account confiscation has highlighted the relevance of decentralized financial systems, both among crypto enthusiasts and general public observers. While Canadian officials can prohibit cryptocurrency transactions to controlled institutions, ETH and Bitcoin p2p activities are unaffected.
100% yes it has/will happen and 100% yes, we will be forced to comply. If you're worried about it, don't keep your funds with any centralized/regulated custodian. We cannot protect you. Get your coins/cash out and only trade p2p.
— Jesse Powell (@jespow) February 18, 2022
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