Coinbase and Kraken CEO put in law enforcement cross-hairs over tweets

A Canadian regulator has informed law enforcement of tweets from the CEO of cryptocurrency exchange's Coinbase and Kraken.

1 minute & 10 seconds read time

Law enforcement has been contacted by the Ontario Securities Commission (OSC) regarding tweets from the CEOs of two cryptocurrency exchanges.

The OSC recently contacted the Royal Canadian Mounted Police (RCMP) about tweets that were published by Coinbase CEO Brian Armstrong and Kraken CEO Jesse Powell. The tweets from both the CEOs reportedly have criticized the Canadian government's decision to implement the Emergencies Act in response to the recent Ottawa convoy protest.

An Ontario Superior Court judge ruled that millions of dollars worth of cryptocurrency owned by Ottawa protesters to be frozen, which included banks that were holding crypto assets for some protesters. The ruling prevents protesters from "selling, removing, dissipating, alienating, or transferring" any crypto assets.

Under the Emergencies Act, banks are able to freeze or temporarily suspend back accounts without receiving a court order. However, many of the protesters were using self-custodial wallets that are controlled by the individual and not a third party, such as a bank or an exchange. Decrypt reports that self-custodial wallets almost make it impossible for law enforcement to freeze an individual's funds.

Jesse Powell recommended that people don't fund causes "directly from custodial wallets" and that people that want to fund causes should "withdraw to non-custodial" before sending anything. Additionally, Powell said that the Kraken exchange will eventually be forced to company with the demands of law enforcement and that if any users are concerned about their funds, they should remove them from the exchange.

Coinbase and Kraken CEO put in law enforcement cross-hairs over tweets 01

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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