Canada's OSC Flags Tweets From Coinbase, Kraken CEOs

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Canada's OSC Flags Tweets From Coinbase, Kraken CEOs

 

The Ontario Securities Commission has reported anti-Emergencies Act tweets to police.

 

Key Takeaways

 

• The Ontario Securities Commission has apparently reported tweets from two crypto exchange CEOs to law enforcement.
• Those tweets are from the CEOs of Coinbase and Kraken, who criticized Canada's Emergencies Act after it was invoked last week.
• The Emergencies Act allows Canada to blacklist crypto addresses with ties to the Freedom Convoy protests.

 

The Ontario Securities Commission has flagged tweets from two cryptocurrency exchange leaders, according to The Logic.

 

CEOs Criticize Crypto Restrictions

 

On Feb. 14, Canada invoked its Emergencies Act in an attempt to control the Freedom Convoy, a group protesting COVID-19 restrictions by occupying Ottawa’s downtown core.

 

Those restrictions allowed the government to immediately freeze several bank accounts and prevent exchanges from working with certain cryptocurrency addressess. Over 34 cryptocurrency addresses were initially blacklisted last week.

 

Soon after the Emergencies Act was put into effect, two cryptocurrency exchange leaders criticized the policy.

 

Brian Armstrong, CEO and co-founder of Coinbase, said that it is “concerning to see stuff like this happening in any country, especially such an economically free place like Canada.”

 

Meanwhile, Kraken CEO Jesse Powell tweeted: “Do you see where this is going?…I’m sure freeze orders are coming” and said elsewhere that his exchange “will [100%] be forced to comply” with police orders. Powell previously donated 1 BTC to the Freedom Convoy movement, an amount worth $37,400 at current market prices.

 

Both CEOs urged investors not to hold their cryptocurrency in custodial exchange wallets. Rather, they advised users to hold funds in and send funds from a non-custodial off-exchange wallet.

While regulators can create a blacklist that prevents non-custodial wallets from moving funds through exchanges, regulators cannot prevent those wallets from moving cryptocurrency on-chain.

 

OSC Reports Tweets to Police

 

Now, Ontario’s securities regulator, the Ontario Securities Commission, has apparently reported the above tweets to law enforcement, namely the Royal Canadian Mounted Police.

 

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