Kraken CEO urges users to take their crypto off centralized exchanges
Kraken CEO Jesse Powell has criticized the Canadian government's decision to seize funds from its citizens' bank accounts without due process. He shared that Kraken would theoretically be forced to comply with asset seizure requests and urged users to remove their coins and cash from centralized exchanges.
Kraken CEO speaks out against recent emergency orders
In a tweet Thursday evening, Kraken's CEO criticized the recent emergency orders Justin Trudeau's government issued, allowing authorities to seize funds from Canadian citizens' bank accounts without a court order. By invoking the Emergencies Act, the Canadian government seeks to cut off funds to Freedom Convoy demonstrators, who have blocked several key transit routes in protest of the country's ongoing Covid 19 mandates.In response to a comment that crypto exchanges are likely to freeze citizens' cryptocurrencies at the request of police, even without judicial authorization, Powell agreed that such measures are inevitable. He added that users should get their coins off centralized services such as crypto exchanges and only trade peer-to-peer (i.e., directly with other crypto holders).
Other prominent figures also express their concerns
Powell is the latest prominent figure in the crypto industry to speak out against the Canadian government's decision to seize its citizens' funds. On Tuesday, Coinbase CEO Brian Armstrong also tweeted his concern over the recent developments in Canada while stressing the importance of keeping crypto funds in a self-stored wallet.Salvadoran President Nayib Bukele also spoke out on Twitter, condemning Canadian authorities for his country losing a top spot in the "democracy index." Bukele argued that the widely publicized alleged Ukraine-Russia crisis is a distraction, while the "real war" on freedom is taking place in countries like Canada.
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