Trudeau’s Government Warns More Accounts Will Be Frozen

Trudeau’s Government Warns More Accounts Will Be Frozen – As law enforcement moves to put an end to the Freedom Convoy trucker protest, the Canadian government has warned that more financial accounts and cryptocurrency wallets will be frozen.

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Truckers, on the other hand, are standing firm despite the arrest of two protest leaders by the police. “It’s past time for these illegal and dangerous practices to end,” Prime Minister Justin Trudeau said.

The Canadian government has announced that many financial accounts and cryptocurrency wallets have been blocked as a result of Prime Minister Justin Trudeau’s use of the Emergencies Act.

Several banks and cryptocurrency exchanges confirmed the news after receiving a letter from the Royal Canadian Mounted Police (RCMP).

Also Read: Canadian Police Freeze Crypto Wallets Tied to Freedom Convoy Protests

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Canada’s Deputy Prime Minister and Finance Minister Chrystia Freeland, stated on Thursday:

The RCMP has shared the names of individuals and businesses, as well as crypto wallet addresses, with banking institutions, and accounts have been frozen, with more to follow.

“Crowdfunding platforms and payment service providers have begun the FINTRAC registration procedure,” she said. Canada’s financial intelligence unit is the Financial Transactions and Reports Analysis Centre (FINTRAC).

Individuals who donated to fundraising initiatives, such as the “Givesendgo” and “Gofundme” campaigns, were also asked if they would be targeted and if they would be considered “designated persons” under the Emergencies Act. She responded:

You now have the regulations on who’s accounts are frozen in terms of specifications. Those regulations apply to financial service providers as well, and they will make operational decisions in collaboration with law enforcement.

Also Read: UAE Prepares to Launch Nationwide Crypto Licensing System in Line with Global Standards

“We are making progress,” Freeland tweeted on Thursday. Do not doubt our resolve to act, to protect our economy, our democratic institutions, and to restore peace, order, and good governance.”

In addition, on Thursday, Ontario Superior Court Justice Calum MacLeod issued a broad order freezing all of the leaders of the Freedom Convoy’s crypto assets and bank accounts.

He ordered all banks, financial institutions, money service businesses, fundraising platforms, cryptocurrency exchanges, and cryptocurrency wallet custodians to suspend any transactions involving the organizers’ accounts and crypto wallets.

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