Canada Freezes More Crypto Wallets, Send Exchanges Raising Alarm

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The Canadian government has continued on its campaign to apply more pressure on truck drivers protesting against the imposed coronavirus mandates. The country’s deputy Prime Minister, Chrystia Freeland, made it known that more accounts and crypto wallets linked with the protesting drivers and their supporters will be frozen. She further stated that the concerned institutions to carry out the other are already working in tandem with law enforcement agencies on the initial list of 34 wallets sent for freezing.

Government Determination

Freeland made the announcement that both individuals and cooperate entities are to face total sanctions in relation to the “Freedom Convoy”, she said in a virtual media conference. In full expression, she was quoted to have said that names of entities as well as individuals, including their digital assets wallets, have since been dispatched by the Royal Canadian Mounted Police, and some accounts have subsequently been frozen, and some more will be.

In accordance with cooperation with the country’s law enforcement agencies, the deputy PM stated that the financial intelligence regulator in Canada, FINTRAC, has started registering payment service providers and crowdfunding platforms.

She however refused to mention names and identities of particular individuals and entities that are being targeted. She simply said that information is in the care of financial service providers and law enforcement agents. The concerned institutions are charged with the responsibility of making the decisions on an operational level, she concluded.

The government of Justin Trudeau has been doing what is within its power to bring to a quick end the continued protests at Canada’s border. The Prime Minister has said that it is time for the dangerous and illegal activities to come to an end.

The Canadian government had to invoke the Emergency Act that gave it the power to execute sweeping sanctions without the need for a court order or approval. The initial order sent to banks and other financial service providers by the Royal Canadian Mounted Police is an extension of the government’s new powers. 

CeFi Will Have No Choice But Comply

The protesting truck drivers have maintained their position and continued to pressure the government to put a stop to the compulsory vaccination order. But they may be looking at a long haul now as the government’s latest sanctions aim to cut off their supply lines and any form of support.

Jesse Powell, the Chief Executive of Kraken, and Changpeng Zhao, the Chief Executive of Binance, have said that centralized exchanges have no other options but to comply with laid down government policies. Powell, a supporter of and a donor to the protests’ course, has advised crypto owners to move their holdings from CEX before it is trapped by government sanctions. Zhao on the other hand said CEX should not be used to support the protests. 


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