Coinbase and Kraken executives’ tweets promoting self-custody of digital assets have come under scrutiny by the Ontario Securities Commission (OSC) and the Royal Canadian Mounted Police (RCMP).
The Canadian law enforcement agencies have cautioned exchanges and their c-level executives off making such statements.
The OSC has reportedly sent the tweets for review by the RCMP. According to the OSC the tweets violate the sanctions that were put in place to stop truckers stage protests across the country, and specifically the blockade at Windsor.
The watchdog argued in its complaint that the executives were offering advice on how to avoid sanctions after protestors’ bank accounts began getting locked.
This comes a week after the Ontario Provincial Policy and the RCMP told all regulated financial institutions – including crypto exchanges – to discontinue their services to “designated persons”, referring to those protesting against covid-19 measures, which have impacted their livelihoods.
Switching to a self-custody wallet means that the owner of the digital wallet has exclusive access to it and is not dependent on another party for managing their funds, such as a financial institution or even a crypto exchange.
While Kraken and Coinbase have publicly stated that they support any government-backed mandate to keep order, they have also objected to asset freezes which they argued should be free of political censorship. The exchanges further described the situation with the frozen “designated persons” assets as “unjust”.
The government has been acting quickly to ensure that protestors do not have access to alternative funds. As a result, 34 crypto wallets were blacklisted from exchanges in a bid to stop the inflow of crypto donations to the “Freedom Convoy”.
In the meantime, if you are away from the hubbub of protests, you may opt for the relaxed gameplay of casinos such as Bitcasino, 1xBit or FortuneJack.