Friday, December 2, 2022

Kraken Is Unable To Protect Canadians From Freezing Funds: CEO

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Kraken is unable to protect the Canadian users from freezing funds because the exchange has to comply with the law enforcement amid Canada’s trucking protests and urged users to “Get your coins or cash out” so let’s read furhter in today’s latest cryptocurrency news.

As the Canadian government continues the crackdown on the so-called “Freedom Convoy” trucker protests, Kraken CEO Jesse Powell advised the concerned users to start moving their funds off the exchange. When asked whether Kraken will have to freeze accounts linked to the protests, Powell responded by saying that it will happen 100% times. Powell said:

“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].”

Kraken’s CEO Jesse Powell, dollar, BTC, price, market,
Kraken CEO, Jesse Powell

Kraken is unable to protect the Canadian users after Canada’s prime minister Justin Trudeau invoked the emergency rules that allow the government to freeze the bank accounts linked to the protests without going through the court system this could include crypto wallets tied to the donations and operations with the Freedom Convoy. The Canadian law enforcement also told crypto exchanges to block the transactions associated with dozens of wallets that are identified by having ties to the protest. Amid the Canadian government’s response to the protests, BTC advocates are outlining the crypto’s censorship resistance.

The sanctions from the Canadian government were made in hopes of ending the weeks-long protests near the American border as the truckers established a blockade with their trucks to protest the COVID-19 vaccine mandates that were set in place by the country’s authorities. After they worked with the GoFundMe crowdfunding platform to block $10 million in donations made to the protesters, the members of the BTC community started making donations in crypto to other platforms. Powell donated one entire BTC to the cause saying:

 “fix the money, fix the world. Thank you for leading by example. Mandates are immoral. End the madness.”

Canada’s Prime Minister Justin Trudeau invoked the Emergencies Act in a bid to restrict the flow of funds to the truck drivers that are protesting the country’s COVID-19 restrictions. The government is now able to freeze bank accounts without going through the court system and also take many other actions to force an end to the demonstrations.

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