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Kraken CEO Warns Users To “Get Your Coins Out” From Centralized Exchanges

Key Takeaways Kraken CEO Jesse Powell has criticized the Canadian government for seizing funds from the bank accounts of Freedom Convoy protesters. Powell told users on Twitter to “get your coins out of centralized exchanges” after revealing that Kraken would be forced to comply with seizure requests. While Canadian authorities can block crypto transfers to centralized exchanges, peer-to-peer transactions remain uncensored. Share this article Kraken CEO Jesse Powell has rejected the Canadian government’s decision to seize funds from its citizens’ bank accounts without due process. He revealed that Kraken would be forced to comply with asset seizure requests and warned users to get their coins and cash from centralized exchanges. Kraken CEO speaks out Jesse Powell has opposed the Canadian government. In a tweet posted Thursday night, Kraken’s CEO criticized the government’s recent emergency orders from Justin Trudeau that allow authorities to seize money from Canadian citizens’ bank accounts without a court order. By invoking the Emergencies Act, the Canadian government wants to cut funding to the Freedom Convoy protesters, who have blocked several major transit routes in protest of the country’s pending Covid-19 mandates. A fair trial belongs to the plebs. Might makes justice in Canada. If someone disagrees, you just confiscate their wealth, revoke their licenses, exclude them from the financial system and kill their pets. There is no need to debate the law, policy, or even rights when you have the monopoly on violence. — Jesse Powell (@jespow) February 17, 2022“A fair trial is for the public. Might make justice in Canada,” Powell stated, referring to how the Canadian government is willing to bypass due process and allow the confiscation of funds without a court order. Deputy Prime Minister Chrystia Freeland revealed in a statement to the press on Thursday that the Canadian government had begun freezing bank accounts, seizing funds and suspending the financial services of individuals involved in the Freedom Convoy protests. . In a follow-up tweet, Powell warned that Kraken and other centralized crypto exchanges would be forced to comply with law enforcement if asked to freeze deposits from certain crypto addresses. In response to user @degderat asking if Kraken would be put in a position where police would have to freeze assets without court clearance, Powell replied: “100% yes, it has happened/will happen and 100% yes, we will be forced to comply. If you are concerned about this, do not keep your money with a centralized/regulated custodian. We cannot protect you. Get your coins/cash out and trade p2p only [peer-to-peer]Earlier Thursday, Canadian authorities issued an order blacklisting 34 crypto wallets linked to the Freedom Convoy. The wallets in question contain approximately $1.4 million worth of cryptocurrency. According to statements from the Royal Canadian Mounted Police, all funds sent from the wallets to FINTRAC-regulated exchanges would be immediately frozen. Powell is the latest prominent figure in the crypto world to speak out against the Canadian government’s decision to seize money from its citizens. † On Tuesday, Coinbase CEO Brian Armstrong also tweeted his concerns about recent developments in Canada while emphasizing the importance of keeping crypto funds in a self-sustaining wallet. Others, such as Bitcoin analyst Plan B, have speculated that the situation in Canada could lead to another “Cyprus moment” for Bitcoin. In 2013, the price of the major cryptocurrency rocketed as the financial crisis in Cyprus sparked fears of a run on the banks. While a run on Canadian banks seems unlikely at the moment, recent bank account seizures by the Canadian government have highlighted the importance of decentralized monetary systems to those in the crypto space as well as onlookers of the general public. While Canadian authorities can block crypto transfers to centralized exchanges, Bitcoin and Ethereum peer-to-peer transactions remain uncensored. Disclosure: At the time of writing this piece, the author owned ETH and several other cryptocurrencies. Share this article The information on or accessible through this website was obtained from independent sources believed to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness or accuracy of any information contained on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not provide personal investment advice or other financial advice. 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