Kraken CEO: Don’t Store Your Coins on Centralized Exchanges

It has always been said that if you want to be the true owner of your cryptocurrencies, you must store them in a cold wallet. However, there are still a large number of users who continue to hold their cryptocurrencies on centralized exchanges. This is something that may definitely affect crypto users in the future.

The CEO of the world’s leading exchange Karaken advised users: do not store your coins on centralized exchanges.

Kraken CEO: Don’t store your coins on centralized exchanges

In fact, Jess Powell, the CEO of Kraken, one of the world’s most popular cryptocurrency exchanges, has advised users to keep their coins off the exchange. This is just one of many crypto experts who think users should store their coins in cold wallets.

If you don’t want to worry about your account freezing and your funds getting stuck on a crypto exchange, you should definitely move them to a wallet that allows you to keep your passwords secret from other platforms. This is the best way to protect your digital currency when the government requires exchanges to freeze assets.

These issues recently came to light after Canadian Deputy Prime Minister Chrystia Freeland announced that crypto accounts were frozen, as reported by the RCMP. More wallets are expected to be frozen in the future. Protests in Canada have prompted the government to take extreme measures against citizens, including freezing protesters’ bank accounts and cryptocurrency.

In recent years, KYC and anti-money laundering (AML) controls have been introduced at exchanges at the request of central regulators and governments. This has created a situation where crypto investors have to share a large amount of information with crypto platforms, from addresses, first and last names to identification pictures.

Jesse Powell noted on Twitter that if people protested against the government, his property could be confiscated or his license revoked. He also explained that their exclusion from the financial system is one of the government’s ways of punishing those who oppose them.

About freezing Kraken user wallets, Jesse said:

“100% yes, was/will be and 100% yes, we will have to stick to it. If you are concerned about this, do not store your coins on a centralized/regulated exchange. We can’t protect you. Get your coins/coins and trade p2p only”.

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