Amid trucker protests, Canadian authorities are keeping track of tweets coming from Coinbase and Kraken CEOs as they could disrupt the current government-imposed sanctions.
Authorities in Canada raised warnings for two cryptocurrency entities about promoting self-custody wallets amid trucker protests.
The Ontario Securities Commission, the top financial regulator in the North American country, entered into contact with law enforcement agencies due to recent Tweets made by the CEOs of Coinbase and Kraken about the active ‘Freedom Convoy’ protests that occur in Ottawa.
According to a Leader-Post report, the regulatory agency showed the tweets to the Canadian authorities because it appears that the executives were bringing alternatives to avoid the sanctions the Canadian government implemented.
Kraken and Coinbase Stand Up for Self-Custody
Last week, Canadian authorities commanded all entities complying with regulation policies in the North American nation, including cryptocurrency exchanges, to stop carrying out activities and obstruct the funds of designated users that might be involved in the trucker protesting activities.
The Royal Canadian Mounted Police filed an order to shut down at least 34 cryptocurrency wallets linked to protesters as one of the strategies implemented to set up restrictive measures.
Various leaders of the crypto world opened up about this event, showing a critical stance and discontent with the government’s current procedures. Coinbase CEO Brian Armstrong used Twitter to express how vital self-custody wallets are at times like this.
The CEO stressed that the procedure is concerning on various points. According to the Emergencies Law, financial entities like banks can obstruct or suspend funds in bank accounts without a decision made by the court.
Kraken CEO Jesse Powell also expressed his warning calls for cryptocurrency users not to house their digital currencies on centralized platforms, where third parties could manage the wallets.
Powell further explained that his entity would not be capable of protecting its users in case of prohibitions like these because the company must comply with the legal policies imposed by the country.
Self-custody wallets are storage devices or platforms where the user has total power rather than a third party, opening doors for laws and policies created to freeze the funds stored in them.
Canadian Authorities put a Magnifying glass Over Twitter
According to various weekly reports, regulators have already checked both CEOs’ posts on Twitter. The local media quoted multiple statements made by Kristen Rose, manager of public affairs for the OSC, who highlighted that the security forces found interesting the tweets due to the critics they imply about Canada’s current situation.
There is no further information on whether Canadian authorities have issued any warrants to the exchanges or their executives that posted the tweets. However, an expert who spoke to the Leader-Post highlighted that Powell and Armstrong are not disruptive and got well attached to legality.
Representatives from Kraken and Coinbase want to work following the current Canadian law; however, both entities have taken a public stance to support non-censorship and autonomy for users and individuals in general.
By: Jenson Nuñez
