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Policy & Regulation

OSC Canada warns top exchange CEOs against promotion of self-custodial wallets

22 Feb 2022 : 10:53
2 min read
  • CEOs of Coinbase and Kraken find themselves under the eyes of the Mounties
  • The OSC of Canada complained about a few tweets that the CEOs sent a few days ago
  • The CEO Kraken even donated 1 BTC to HonkHonk Hodl, crypto fundraiser in support of protests

Canada is in a state of protests, and a lot of fear exists in the crypto market. As a result, the investors are worried about their investments. Moreover, the government is seizing the assets of citizens with prior information. In such a situation, the CEOs of Coinbase and Kraken stepped up to help the citizens. Royal Canadian Mounted Police are looking at the CEOs with eerie eyes. 

Canada OSC reported tweets to the Mounties

The Royal Canadian Mounted Police or Mounties were informed of a few tweets by CEOs of Coinbase and Kraken by the Ontario Securities Commission (OSC), a regulatory agency that administers and enforces securities legislation in the Canadian province of Ontario, as per the report from The Logic. 

In the tweets, the CEOs of the two exchanges “appeared to offer advice on how crypto users could evade emergency restrictions on funding for the protests roiling the country.” The OSC Canada noted that they are “aware” of the tweets released by the Kraken CEO Jesse Powell and Coinbase CEO Brian Armstrong, which “criticized the invocation of the Emergencies Act and advocated for the importance of non-custodial crypto wallets.”

Comments from OSC

Kristen Rose, the OSC’s manager of public affairs, commented:

“We are aware of this information and have shared it with the RCMP and relevant federal authorities.”

The RCMP has sent a list of many cryptocurrency wallet addresses and has asked the exchanges to shut down these addresses, which are being used to fund the riots. Furthermore, it is also important to note that Powell recently tweeted about a Feb. 6 donation of just over one bitcoin to the HonkHonk Hodl, the crypto fundraiser in support of the convoy protests against the government’s COVID-19 response. It seems that the once seemed crypto-friendly is now the industry’s worst enemy.


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