Indeed, Jess Powell, CEO of Kraken, one of the world’s most prominent cryptocurrency exchanges, recommended consumers to keep their assets off of exchanges. Many bitcoin specialists believe that consumers should put their cash in cold storage.
It has long been advised that if you want to be the true owner of your virtual currency, you should store them in cold storage and maintain your private keys. However, a sizable portion of users continue to store their currencies on centralized exchanges. This is something that could have a long-term impact on bitcoin users.
If you don’t want your accounts to be frozen or your assets to be trapped in a cryptocurrency exchange, you should move your funds off of crypto trading platforms and into a wallet that allows you to keep your private keys. If governments ask exchanges to freeze assets, this is the best approach to secure your digital currencies.
These remarks come as Canadian Deputy Prime Minister Chrystia Freeland said that the RCMP has frozen crypto accounts. She also stated that there will be more frozen in the future. Protests in Canada prompted the government to take drastic actions against citizens, such as suspending demonstrators’ bank and cryptocurrency accounts.
If you don’t want to worry about your accounts being frozen or your cash being trapped in a cryptocurrency exchange, you should transfer them to a wallet that allows you to keep your private keys. If governments ask exchanges to freeze assets, this is the best approach to safeguard your digital currencies.
These remarks come after Canadian Deputy Prime Minister Chrystia Freeland said that the RCMP had frozen crypto accounts. She also stated that in the future, more will be frozen. Protests in Canada have prompted the government to take drastic actions against individuals, such as suspending protesters’ bank and cryptocurrency accounts.
Kraken could be forced to freeze money in the future without judicial authorization, according to a bitcoin user. Jesse Powell replied that it would occur and that they would be obliged to cooperate.
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