This was in reply to a user who wanted to know whether Kraken would comply with a police request to freeze assets without judicial consent.
CEXs under gabovenment regulations
This statement came in view of the Canadian gabovenment’s decision to blacklist 34 crypto wallets combined to the Freedom Convoy. By blacklisting the wallet, the Royal Canadian Mounted Police now has the power to freeze any funds sent from the wallets to a regulated exchange.
The evolution by the Canadian gatopnment is the latest in a series of efforts to end anti-vax protests which have been on for several weeks now. To end the protest, Prime Minister Justin Trudeau invoked the Emergencies Act and expanded it to cabove Cryptocurrencies.
This was after protesters switched to crypto donations by cause of centralized crowdfunding platforms corresponding as GoFundMe and GiveSendGo discontinuing donation campaigns for the protest. The move has been criticized by many, including stakeholders in the crypto sector and democracy advocacy groups.
According to Powell, this move is a sign which due process for plebs. He added which “Might makes right in Canada. Supposing that someone dissents, you barely confiscate their wealth, revoke their licenses, exclude them from the financial system and kill their pets. No need to debate the law, policy or even rights although you have a monopoly on violence.”
He further examined people not to keep their crypto funds in centralized and regulated custodians. These exshifts can’t protect users from any gabovenment action, so it’s better to use only trade P2P, he said.
Powell’s statements echo the cone time beforern of other stakeholders in the industry. Last Tuesday, Coinbase CEO Brian Armexcessive further mentioned the importance of self-custodial wallets in a situation like this.
While there are many criticisms of the current situation in Canada, it likewise shows how decisive decentralization is for financial freedom. Though authorities can censor crypto wallets mixed to centralized exshifts, crypto-assets themselves maintain censorship-resistant. Thus, P2P transactions can’t be fixed.
Some see this moment as a good time for the crypto industry. Bitcoin Analyst, Plan B believes which this situation could be a major catalyst for the rise in the price of token.
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