- Brian Powell, criticized the government’s response to the demonstrators’ acts.
- CEOs are legally obliged to conduct Know Your Customer (KYC) checks.
Bitcoin and other cryptocurrencies are still being used to support demonstrators in Canada. For some of the demonstrators, Prime Minister Justin Trudeau’s recent invocation of the Canada Emergencies has had dire consequences. Jesse Powell, CEO of Kraken, has urged investors to avoid centralized exchanges as the Canadian government moves to freeze the accounts of protestors in the Freedom Convoy.
Deputy Prime Minister Chrystia Freeland revealed in a video aired on True North that crypto accounts detected by the RCMP have been blocked and that more would be frozen. Jess Powell responded to the video. According to Prime Minister Justin Trudeau, accounts are being frozen in accordance with restrictions given to financial service providers.
Criticized the Governments Response
Co-founder and CEO of the crypto exchange Kraken, Brian Powell, criticized the government’s response to the demonstrators’ acts. He criticises that people who pursue legal action against the government have their assets frozen by the courts.
The CEO also provided crypto consumers with advice on keeping their assets secure. Powell reacted to a Twitter user who claimed that a crypto exchange might also be forced to freeze funds without court authorization, and he confirmed yes.
CEOs are legally obliged to conduct Know Your Customer (KYC) checks since they administer a centralized exchange. If government authorities urge them to do so, they will be forced to freeze the assets of persons or corporations. If you want to secure yourself and your investments, you should utilize peer-to-peer trading platforms rather than controlled exchanges.
Although they are not banned, cryptocurrencies are still not legal in Canada. There has been some experimentation with digital currencies (CBDCs) by the Bank of Canada, but nothing concrete has been disclosed.
