Kraken Advises Canadian Users to Cash Out Their Holdings Amid Protests

Amid the ongoing protests involving Canadian truck drivers, Kraken CEO Jesse Powell has told users from the country that it would not desist from complying with the authorities regarding the freezing of users’ accounts connected to the protest. While speaking of seizing assets belonging to Freedom Convoy protesters, Powell Tweeted that the Kraken exchange would not safeguard Canadian users from the authorities.

Instead, he encouraged users to move their crypto or cash out now that they have the chance to. He added that Canadian users shouldn’t hold their funds in any centralized exchange or regulated custodian wallets, indulging them in peer-to-peer trading for now.

Protests and Government Sanctions 

Dozens of truck drivers took to the street to protest the mandatory vaccination imposed by the Canadian authorities earlier this year. Truck drivers barricaded the borders with their trucks, hoping that the authorities would grant their demands.

People who believe in their cause donated. They even went as far as combining to create a GoFundMe account for the protesters. After the crowdfunding platform was blocked with over $10 million inside, the protesters devised another alternative by accepting BTC donations. Powell was more than excited to contribute to their cause with a BTC. 

However, the authorities struck again. On Wednesday, Canada’s P.M. Justin Trudeau declared Emergency Rules, calling on authorities to block the bank accounts of holders involved in the protest. When Emergency Rules are invoked, the government has the veto to take any action without being charged to court.

Law Enforcement Orders Crypto Exchanges to Withhold Crypto Wallets Belonging to Protesters

Alongside freezing accounts of the protesters, Canadian authorities also ordered crypto exchanges to freeze crypto wallets linked to the donations and protests. In addition, it urged exchanges to block transactions associated with the wallets.

Given the plethora of government sanctions and the unwavering relentlessness of the protesters to give up their cause, the weeks-long protest could go on for more weeks. On his Twitter page, Powell criticized the decisions taken by the Canadian government, adding that it is monopolizing the law and using it to its advantage.

“If someone dissents, you just confiscate their wealth,” the Kraken C.E.O said when discussing the measures taken by the government. Powell further labeled their mandates “immoral,” calling the government to resolve the ongoing madness. 

These days, digital currency plays a vital role in catalyzing a change. Ukrainian troops are also accepting BTC donations in preparedness for a war that could escalate from the rising tension with Russia. They feared that receiving donations in fiat could get banks in a big mess with financial authorities and international organizations. 

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