Canada protests: Kraken CEO says users should consider taking crypto off exchanges

Cryptocurrency • February 18, 2022, 5:35AM EST
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Crypto exchange Kraken CEO Jesse Powell said today that any users concerned about governments seizing their crypto without judicial approval should take their funds off crypto exchanges — including his own.

The comments were made in the context of the Canadian government freezing the bank accounts and crypto wallets of truckers protesting against Covid-19 rules — and even threatening to take their dogs under certain conditions.

In response to a comment that crypto exchanges will likely freeze people's crypto at the request of police, even without judicial consent, Powell agreed that such action was inevitable.

"100% yes it has/will happen and 100% yes, we will be forced to comply," said Powell. "If you're worried about it, don't keep your funds with any centralized/regulated custodian. We cannot protect you."

He added that users should get their coins off centralized services, such as crypto exchanges, and only trade peer-to-peer (this means directly with other crypto owners).

AUTHOR

Tim Copeland profile picture Tim Copeland

Tim Copeland is the Head of Growth at The Block and host of The Crypto Beat, a live-streaming podcast. He was previously the company's Editor-in-Chief and spent seven years covering the industry as a journalist. Prior to joining The Block, Tim was a news editor at Decrypt. He earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.

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