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.
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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).