By Nathan Ferguson
The protests across Canada as well as the resulting crypto donations to support the protesters are continuously increasing. Justin Trudeau – the Prime Minister of Canada – recently implanted the Canada Emergencies, having the strictest consequences for a few of the protestors.
While discussing the intention of the Canadian authorities to freeze the accounts dealing with the protesters, Jesse Powell – the Kraken’s CEO – has suggested the crypto investors hold their funds away from the centralized exchanges.
Kraken CEO blows the authorities
Jesse Powell responded over a video that was shared on True North in which Chrystia Freeland (the Deputy Prime Minister) acknowledged that the authorities had frozen the crypto funds that were mentioned by RCMP, disclosing that many others will have the same fate. Moreover, the PM mentioned that regulations have been kept in consideration while freezing those accounts. The respective regulations have been given to the providers of financial services to get implemented.
Powell – being the CEO as well as the co-founder of Kraken (an exchange of cryptocurrency) – responded by criticizing the authorities for the measures they took in the matter of the protestors. He blasted at the judicial system of the country which begins snatching their assets from the people when they oppose the government.
In his words, to take the assets from the people as well as cast them off the nation’s financial system by confiscating the licenses just due to the opposition is not ethical on the part of the authorities. Furthermore, he elaborated that nothing would come of debating policy, rights, or law when monopoly over violence is exercised.
Investors should take their crypto out of centralized exchanges
The CEO advises the crypto consumers to get their holdings off the exchanges that are centrally controlled as there would be a chance for them to be seized. Replying to another user of Twitter who mentioned that Kraken could be forced to freeze such accounts without even having a judicial order, Powell answered in affirmative.
As Jesse Powell operates a centralized exchange, it is demanded from them to perform KYC (Know Your Customer) procedures along with being restricted according to the law of the country.
This indicates that they do not have any say even if the government-based organizations push them to freeze institutional or individual assets. That is why the CEO opines that the crypto investors should take out their funds from the centralized crypto exchanges to guarantee the safety of their assets.