Users should safeguard their cash outside of exchanges, according to Jess Powell, CEO of Kraken, one of the most prominent bitcoin exchanges in the world. People can put their money in cold storage according to bitcoin specialists.
In recent years, exchanges have incorporated Know Your Customer (KYC) and Anti Money Laundering (AML) checks in response to requests from centralised regulatory organisations and governments. As a result, cryptocurrency investors are required to disclose a huge quantity of information with the crypto platform, ranging from addresses to names and surnames to ID photos.
On Twitter, Jesse Powell suggested that if someone disagrees with the government, they should have their assets confiscated or their licences revoked. Furthermore, he stated that one of the ways governments penalise people who disagree with them is by eliminating them from the financial system.
According to a bitcoin user, Kraken may be obliged to freeze money in the future without judicial approval. Jesse Powell responded that it would happen and that they would have to work together.
Will you be keeping your funds in centralised exchange? Comment below.
