Kraken CEO believes the Canadian govt may restrict Centralized crypto exchanges

The chief executive officer of Kraken exchange shared his point of view on the current situations going on in Canada and warned people to keep funds outside the Centralized exchanges. 

In the present time, many people together are running the Freedom Convoy campaign against the Canadian government. A few weeks ago, the Canadian government forced the traditional crowdfunding platform to stop helping these protests against the Government. Later Protests took the help of crypto crowdfunding platforms, so the government ordered the freezing of some crypto wallets’ addresses and the same happened with the help of centralized crypto exchanges, which freezed more than $1 million worth of crypto assets.

On 17 February, Jesse Powell, CEO of Kraken exchange, tweeted against this situation in Canada and claimed that the government bypassed the due order with the help of invoking the Emergencies Act to cut the Fundings off for the protesters. 

So Kraken CEO claimed that the government of Canada is tricking the system wrongly, without any court order.

In a tweet response, Kraken CEO noted that there are chances that Centralized exchanges may go through such types of restrictions and orders to freeze the funds of users, so people are suggested to keep the cash/funds outside the Centralized exchanges and also try to use P2P methods to transfer assets. 

“100% yes it has/will happen and 100% yes, 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.”

Earlier this, Tuesday of this week, Coinbase CEO Brian Armstrong also raised his voice against such ongoing activities in Canada and suggested people go with Non-custodial crypto wallets services. 

Read also: Wyoming Senator says Fed should purchase Bitcoin