Topic: Kraken CEO give a heads up to carefully use CEX - page 2. (Read 411 times)
It was something that everyone should have already known. Even if you have joined an exchange that doesn't require you to pass KYC to trade, they can freeze your assets if they are told to do so. They will have to comply no matter what. That's why it is better not to store your funds in an exchange. Done with your trading? Take them out and store them somewhere safe. Store them in wallets where only YOU have the control of the private keys. At least Kraken is being honest about it. No other CEX would like to admit about this issue.
That's true and he got some balls to admit that even if being the CEO of an centralized exchange but he was talking about freezing particular account if regulatory body claims that the account involved some illegal activities so not everyone have to worry about freezing an account unless they aren't doing anything against the government and ToS of exchanges.
There would be some lock up of funds but it would be temporary and its true that as long the platform would really abide out the law or regulation then they would just simply make out some changesand once they would integrate it then users do need to follow it which means that you wouldnt be having be no choice but to deal with it.Locked up funds would be temporary
unless if we do talk about hacking incident.We havent seen government intervention which do involves locked up funds without any recovery or having access into it.
That's true and he got some balls to admit that even if being the CEO of an centralized exchange but he was talking about freezing particular account if regulatory body claims that the account involved some illegal activities so not everyone have to worry about freezing an account unless they aren't doing anything against the government and ToS of exchanges.
An account freeze was something I've experienced in 2021 on the Kraken exchange, maybe back then it wasn't as serious as it is now. So at that time, Kraken froze my account because the deposit and withdrawal processes had too different time intervals. Like on Binance, you may know the process can take 15 to 30 minutes to keep funds from freezing because the process is considered suspicious activity.
As for 2021, I don't use Kraken anymore until now. So I don't know much about the worries that followed.
As for 2021, I don't use Kraken anymore until now. So I don't know much about the worries that followed.
I think unless you donated funds or received funds for the truckers convoy then you shouldn’t worry. There was some Bitcoin addresses where they were accepting donations. I think one guy donated like 5BTC and the address was public and everything. They got tainted and now flagged.
So if it’s sent to an exchange like Kraken they can freeze the person who received it. In Canada they are not treating this as a protest but instead terrorism. It’s gotten pretty bad lately. Even news crews don’t feel safe.
Yeah, you may be right, but I think mainly what the op is trying to point out here is the risk of making use of CEX. You know that CEX are controlled by the government. So in the future, if any such event should take place, which would require the government to seize crypto assets that belongs to citizens that are involved in such activity, then you know their target is definitely through CEX and not p2p exchanges as they wouldn’t be able to have access to seizing coins through p2p.So if it’s sent to an exchange like Kraken they can freeze the person who received it. In Canada they are not treating this as a protest but instead terrorism. It’s gotten pretty bad lately. Even news crews don’t feel safe.
So, it’s best to make use of p2p than using CEX, if you want to make sure that you’re fully in control of your money and your address can’t be freezes in case of anything in the future.
Isn't this obvious? Everyone knows that CEX is not safe for holding your assets as whenever the authorities would want they can screw up your holdings by freezing the assets. Even though it won't be for a very long term at least for major exchanges. But anyways it still is a great risk. Not your keys, not your cryptos is the saying that is used by a lot of people on forums these days and this is the reason behind that saying. If the CEO of such a major exchange is agreeing with this I don't know what else people want to listen before they stop using CEX for storing their currency for a longer term.
We've long time know about this very basic risks on dealing with centralized platforms and its not a new thing aside from those newbies or who doesnt mind about the risk then this advise does really suit them.These platforms could anytime be following government rules and regulations which means that sudden changes could really be experienced. If your funds gets locked then thats the time you do only mind off about this problem or trying to avoid it but it should really be done earlier then you might have able to avoid problems and hassle.
I think unless you donated funds or received funds for the truckers convoy then you shouldn’t worry. There was some Bitcoin addresses where they were accepting donations. I think one guy donated like 5BTC and the address was public and everything. They got tainted and now flagged.
So if it’s sent to an exchange like Kraken they can freeze the person who received it. In Canada they are not treating this as a protest but instead terrorism. It’s gotten pretty bad lately. Even news crews don’t feel safe.
This isn't necessary. If you have not done KYC, the government can easily flag your account by saying you are a truckers convoy supporter, how will you be able to differentiate yourself without KYC, later even if you do this, how long the process would last moreover if you are in some other country and US/ Canada holds your money, process becomes even more lengthy. So if it’s sent to an exchange like Kraken they can freeze the person who received it. In Canada they are not treating this as a protest but instead terrorism. It’s gotten pretty bad lately. Even news crews don’t feel safe.
It must be related to Binance.US probe investigation of SEC with thier trading affiliates. The investigation could lead to accusing CZ of conspiring suspicious activity with partners inside the trading platform. Jesse Powell is just sending the possibility that SEC will also try to get him through such an investigation and warn everyone now to cautiously use the exchange and leave money inside that you can afford to lose.
Would this mean Jesse is hiding something?
This isn't the first thing that come to my mind but maybe because I didn't know that issue about binance and sec but what comes to my mind after reading the post is the issue on Canada about the truck drivers because that also shows how centralized entity control their funds and they then switch to decentralize currencies, the same thing can be applied here in the op's post, CEX has the full control of your funds and they can do whatever want to but this things are actually not new and I think majority of us already know this but how can you say that the CEO of kraken hides something from their users? He only replies to the guy in the tweet. Do not give it a new meaning. Would this mean Jesse is hiding something?
I think unless you donated funds or received funds for the truckers convoy then you shouldn’t worry. There was some Bitcoin addresses where they were accepting donations. I think one guy donated like 5BTC and the address was public and everything. They got tainted and now flagged.
So if it’s sent to an exchange like Kraken they can freeze the person who received it. In Canada they are not treating this as a protest but instead terrorism. It’s gotten pretty bad lately. Even news crews don’t feel safe.
So if it’s sent to an exchange like Kraken they can freeze the person who received it. In Canada they are not treating this as a protest but instead terrorism. It’s gotten pretty bad lately. Even news crews don’t feel safe.
Isn't this obvious? Everyone knows that CEX is not safe for holding your assets as whenever the authorities would want they can screw up your holdings by freezing the assets. Even though it won't be for a very long term at least for major exchanges. But anyways it still is a great risk. Not your keys, not your cryptos is the saying that is used by a lot of people on forums these days and this is the reason behind that saying. If the CEO of such a major exchange is agreeing with this I don't know what else people want to listen before they stop using CEX for storing their currency for a longer term.
We've long time know about this very basic risks on dealing with centralized platforms and its not a new thing aside from those newbies or who doesnt mind about the risk then this advise does really suit them.These platforms could anytime be following government rules and regulations which means that sudden changes could really be experienced. If your funds gets locked then thats the time you do only mind off about this problem or trying to avoid it but it should really be done earlier then you might have able to avoid problems and hassle.
some are still storing their coins in CEXs because of convenience reasons. however, if you will not trade for few days, better get your funds out and send it to secured wallet. even exchange officials are advising their clients not to store their coins in CEXs. and yet, some still failed to do so.
people need to learn their lesson in hard way before they totally get the scenario. governments can freeze anytime your account if you are in a centralised exchange. so before it happens, make sure you do your part.
Isn't this obvious? Everyone knows that CEX is not safe for holding your assets as whenever the authorities would want they can screw up your holdings by freezing the assets. Even though it won't be for a very long term at least for major exchanges. But anyways it still is a great risk. Not your keys, not your cryptos is the saying that is used by a lot of people on forums these days and this is the reason behind that saying. If the CEO of such a major exchange is agreeing with this I don't know what else people want to listen before they stop using CEX for storing their currency for a longer term.
We've long time know about this very basic risks on dealing with centralized platforms and its not a new thing aside from those newbies or who doesnt mind about the risk then this advise does really suit them.These platforms could anytime be following government rules and regulations which means that sudden changes could really be experienced. If your funds gets locked then
thats the time you do only mind off about this problem or trying to avoid it but it should really be done earlier then you might have able to avoid problems and hassle.
Isn't this obvious? Everyone knows that CEX is not safe for holding your assets as whenever the authorities would want they can screw up your holdings by freezing the assets. Even though it won't be for a very long term at least for major exchanges. But anyways it still is a great risk. Not your keys, not your cryptos is the saying that is used by a lot of people on forums these days and this is the reason behind that saying. If the CEO of such a major exchange is agreeing with this I don't know what else people want to listen before they stop using CEX for storing their currency for a longer term.
Much bad factor are circulating for crypto. Canadian government Seizing wallet of centralized exchanges and its very bad for crypto. The Ukraine and Russia war also big issue And SEC pressure in the US and European banks fighting to get rid of it. Lots and lots of fud.
Nothing news, we have many experiences like this. And thanks to Kraken CEO for telling the truth. If we don't like to freeze our assets then have to move into a non-custodial wallet or deal it p2p. But we are not hearing that and there is not much we can do as well. We are forced to use centralized exchange due to Liquidity and pair. But need to make sure the amount isn't big there and not hold for a long time. Otherwise, at any time fund would freeze.
We dont really have any option because there are no liquidity and volume if we do tend to look on the other side plus this is the only place where you could really make out exchanges in between fiat to cryptoor crypto to fiat which people could really be having no choice but to deal with the risk.Of course it was never been suggested to store up huge amounts yet these platforms could anytime
make out some sudden change of decision and terms which you wouldnt be having no choice whether to comply on whats been asked or would totally be losing those funds.
I would guess that Kraken have to say this as well, I mean not like they could deny it, then FBI would be all over them. Plus they got a banking right as well, don't know if they actually started the bank or not but I know that they had that right. Which is a big proof enough to show you that they are quite legal and out there. They do not have stocks trading on the market like Coinbase does as far as I know, but they are still a huge company.
I believe that they will be more and more inside the law over time and that requires them to give up on some of the freedom that crypto brings. If you are worried about your money, just get a ledger nano and you would be able to protect it very carefully.
I believe that they will be more and more inside the law over time and that requires them to give up on some of the freedom that crypto brings. If you are worried about your money, just get a ledger nano and you would be able to protect it very carefully.
Nothing news, we have many experiences like this. And thanks to Kraken CEO for telling the truth. If we don't like to freeze our assets then have to move into a non-custodial wallet or deal it p2p. But we are not hearing that and there is not much we can do as well. We are forced to use centralized exchange due to Liquidity and pair. But need to make sure the amount isn't big there and not hold for a long time. Otherwise, at any time fund would freeze.
It's not always SAFU but if the CEO himself has warned the users then best to do it and besides it's always been the narrative to keep your coins privately. Looks like Kraken will just be the focal point for now but likely to happen to other exchanges as well.
Well this is one of the best example that no matter what, not your keys not your coins.
Yes, I know its about the CEX, but on the other hand just think about the tweet from CEO of exchanger itself. They know very well, if they are forced to freeze the assets then they wont be able to give it to the clients account. It would be their own liability if they loose it. So clear message, even if they are multi millionaire exchanger they can't help you whenever there is situation like this or even the hacking. You will always get suffered with this. I kinda started to think that Peer 2 Peer option is far better these days rather than keeping the assets on exchangers.
At the least they gave the notice to their followers, hope so everyone gets the lesson of not your keys!
Yes, I know its about the CEX, but on the other hand just think about the tweet from CEO of exchanger itself. They know very well, if they are forced to freeze the assets then they wont be able to give it to the clients account. It would be their own liability if they loose it. So clear message, even if they are multi millionaire exchanger they can't help you whenever there is situation like this or even the hacking. You will always get suffered with this. I kinda started to think that Peer 2 Peer option is far better these days rather than keeping the assets on exchangers.
At the least they gave the notice to their followers, hope so everyone gets the lesson of not your keys!
I have never stored my assets on a centralized exchange. Not your keys, not your coins. I only use CEXs for day trading or just simply buying or selling coins and tokens and quickly transfer them to a cold or non-custodial wallet. No disrespect to CEXs, but this is the reality nowadays.
It must be related to Binance.US probe investigation of SEC with thier trading affiliates. The investigation could lead to accusing CZ of conspiring suspicious activity with partners inside the trading platform. Jesse Powell is just sending the possibility that SEC will also try to get him through such an investigation and warn everyone now to cautiously use the exchange and leave money inside that you can afford to lose.
Would this mean Jesse is hiding something?
Would this mean Jesse is hiding something?
First, not your keys not your coins. CEX means they mostly only give you custodial wallets that mean you don't have any key.
Second, CEX means centralized and are regulated by governments so whenever governments bring serious pressure and ask those exchanges to do KYC on all customers, they will do it. Then you might get trouble with KYC procedure and in worst case, your coins will stuck on those exchanges.
Lastly, CEX means if their exchanges get hacked and unable to compensate for customers, you will lose your money. In addition, they can use hacks as reasons for their scam exits.
Second, CEX means centralized and are regulated by governments so whenever governments bring serious pressure and ask those exchanges to do KYC on all customers, they will do it. Then you might get trouble with KYC procedure and in worst case, your coins will stuck on those exchanges.
Lastly, CEX means if their exchanges get hacked and unable to compensate for customers, you will lose your money. In addition, they can use hacks as reasons for their scam exits.
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