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Kraken ‘Cannot Protect You' From Canadian Government Freezing Crypto: CEO

Jesse Powell said Kraken would be 'forced to comply' with law enforcement amid Canada's trucking protests, urging worried users to 'Get your coins/cash out'.

2 min read
Kraken is a cryptocurrency exchange led by Jesse Powell. Image: Shutterstock

As the Canadian government continues its crackdown on the recent 'Freedom Convoy' trucker protests, Kraken CEO Jesse Powell took to Twitter today to advise concerned users to move their crypto and cash off the exchange.

Quizzed on whether Kraken would have to freeze accounts linked to the protests, Powell responded by saying “100% yes it has/will happen.” 

“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 tweeted

On Wednesday, Canada’s prime minister Justin Trudeau invoked emergency rules allowing the government to freeze bank accounts linked to the protest without going through the court system. 

This also includes crypto wallets tied to any related donations and operations with the 'Freedom Convoy.' 

Canadian law enforcement has also already told cryptocurrency exchanges to block any transactions associated with dozens of crypto wallets identified as having ties to the protest. 

Bitcoin and the Freedom Convoy

Amid the Canadian government's response to the protests, Bitcoin advocates are highlighting the cryptocurrency's censorship resistance.

The wave of sanctions from the Canadian government was made in hopes of ending the weeks-long protest near the American border. Truckers have established a blockade with their vehicles to protest various vaccination mandates set in place by the country’s authorities.

After authorities worked with crowdfunding platform GoFundMe to block $10 million in donations made to the protesters, members of the Bitcoin community began making donations in crypto.

Powell himself has donated an entire Bitcoin to the cause, saying, “fix the money, fix the world. Thank you for leading by example. Mandates are immoral. End the madness.”

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