Canada protests: Kraken CEO says users should consider taking crypto off exchanges

Crypto exchange Kraken CEO Jesse Powell said today that any users concerned about governments seizing their crypto without judicial approval should take their funds off crypto exchanges — including his own.

The comments were made in the context of the Canadian government freezing the bank accounts and crypto wallets of truckers protesting against Covid-19 rules — and even threatening to take their dogs under certain conditions.

In response to a comment that crypto exchanges will likely freeze people's crypto at the request of police, even without judicial consent, Powell agreed that such action was inevitable.

"100% yes it has/will happen and 100% yes, we will be forced to comply," said Powell. "If you're worried about it, don't keep your funds with any centralized/regulated custodian. We cannot protect you."

He added that users should get their coins off centralized services, such as crypto exchanges, and only trade peer-to-peer (this means directly with other crypto owners).

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Tim is a News Editor at The Block who focuses on DeFi, NFTs and DAOs. Prior to joining The Block, Tim was a News Editor at Decrypt. He has earned a BA in Philosophy from the University of York and studied News Journalism at the Press Association. Follow him on Twitter @Timccopeland.