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Kraken CEO States it ‘Cannot Protect You’ From Canadian Government Crypto Freeze

Jesse Powell, Kraken CEO, took to Twitter to advise users to shift their crypto off the exchange if they’re concerned.

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Photo by Surangaw / Envato

The Canadian government’s crackdown on ‘Freedom Convoy’ trucker protests continue in full-swing, and in the process of the situation escalating, Kraken CEO Jesse Powell took to Twitter in order to advise any concerned users to move their crypto and cash off the exchange if they’re worried about it.

When asked about whether Kraken would have to partake in the freezing of accounts that are linked in any way to the protests, Powell’s response was “100% yes it has/will happen.” 

He went into further detail in a thread on Twitter, pertaining to the situation.

“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 [peer-to-peer],” he said in a tweet.

Regarding the situation as a whole, on Wednesday, Justin Trudeau, the prime minister of Canada proceeded with invoking emergency rules that would enable the government the power to freeze any bank accounts linked to the protest without having to go through the court system in order to do so.

This also extended to and included any crypto wallets that could potentially be tied to donations and operations within the ‘Freedom Convoy.’

Crypto exchanges have already been informed by Canadian law enforcement to block any and all transactions related to dozens of crypto wallets that are tied to the protest.

In the midst of the protests, a lot of Bitcoin advocates have taken to highlighting the censorship resistance of crypto. This whole wave of sanctions from the government of Canada was made in order to hopefully put a stop to the weeks-long protest near the American border. Truckers have been successful in establishing a blockade with their vehicles in the name of protesting various vaccination mandates which were put in place by the authorities of the country.

Once authorities worked alongside GoFundMe, a crowdfunding platform, to block $10 million in donations that were made to the protesters, a lot of members of the Bitcoin community started to make donations in crypto.

Even Powell has contributed to the donations by donating an entire Bitcoin, stating “fix the money, fix the world. Thank you for leading by example. Mandates are immoral. End the madness.”

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