Kraken CEO: Anyone who cares should withdraw cryptocurrencies

 

The arm of the law is known to be long. And since a state of emergency was declared in Canada due to the protests, it has now become a bit longer. However, it is not given that he can intervene in a blockchain.

Jesse Powell admitted via Twitter that his company cannot protect affected customers. Should Kraken receive official instructions, then they will have to be obeyed. However, this is by no means a problem that is exclusive to Kraken, but affects all companies that operate as regulated crypto exchanges.

Self-custody is the solution

At first, while his advice was obvious and honest, what Powell wrote didn't quite live up to expectations of a crypto exchange boss. Because if you have a problem with the situation, you should simply withdraw all coins and cash from the exchanges and only do peer-to-peer trading, according to Powell.

In fact, the principle "Not your keys, not your coins" still applies. The motto is intended as a reminder that Bitcoin is only of real use in self-custody. In any case, Canada is in an exceptional situation, which is why most customers of Kraken and other exchanges do not face any immediate danger.

In principle, it is possible that the protesters could use Bitcoin to break away from the state in the short term. However, the state also has other means of pressure, which is why financing the protests will not be the ultimate test of perseverance. Apart from this, there is also the question of whether it is even desirable for a society to be affected by unrest.

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