Canadian Regulator Alerts Police to Tweets by Coinbase and Kraken Advocating Non-Custodial Wallets – Tweets from Coinbase CEO Brian Armstrong and Kraken CEO Jesse Powell urging individuals to utilize non-custodial wallets to avoid the Trudeau government’s freezing orders have been highlighted by Canada’s securities regulator.
The Canadian regulator stated, “We are aware of this information and have shared it with the RCMP and relevant federal authorities.”
According to the Logic, the Ontario Securities Commission has notified the Royal Canadian Mounted Police and other federal authorities about tweets by Coinbase CEO Brian Armstrong and Kraken CEO Jesse Powell on Canada’s Emergencies Act.
The invoking of Canada’s Emergencies Act was condemned by the two crypto exchange operators. They cautioned against utilizing custodial wallets, recommending instead the usage of non-custodial wallets to avoid having cash frozen.
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According to the publication, Kristen Rose, the OSC’s manager of public affairs, said:
“This information is known to us, and we’ve shared it with the RCMP and other relevant federal authorities”.
Both Kraken and Coinbase are registered as money-services businesses with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Last week, Powell of Kraken tweeted several times about the significance of adopting non-custodial wallets. “Please do not use custodial wallets to sponsor causes.” I’m confident freezing orders will be issued.
One tweet states, “Withdraw to non-custodial before sending.” In another tweet, he admitted to donating one bitcoin to Honkhonkhodl in support of the Canadian Freedom Convoy truckers.
In another tweet, the Kraken CEO responded to a question regarding whether the police could force his crypto exchange’s assets to be frozen without judicial authorization. Powell responded, “
Yes, it has happened and will continue to happen, and yes, we will be obliged to comply. If you’re concerned, don’t put your money with a centralized or regulated custodian. We are unable to safeguard you. Remove your coins/cash and only engage in peer-to-peer trading.
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Canadian Regulator Alerts Police to Tweets by Coinbase and Kraken Advocating Non-Custodial Wallets – Non-custodial wallets are also important, according to Coinbase’s Armstrong. Last week, he tweeted about financial institutions and exchanges suspending accounts and crypto wallets in connection with the Freedom Convoy protest:
“It’s alarming to see things like this happen in any country, let alone one as economically successful as Canada. The importance of self-custodial wallets cannot be overstated.”
Last week, Canada’s Trudeau government invoked the Emergencies Act. Banks, financial institutions, and cryptocurrency exchanges were instructed by the RCMP to freeze accounts and crypto wallets linked to the Freedom Convoy protest. More accounts will be frozen, according to the authorities.