Kraken Will Freeze Your Bitcoin

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In this video, I discuss Kraken CEO Jesse Powell's recent comments about how Kraken will freeze accounts, if ordered to do so by a government or government regulator.

This is why it is so important to never leave your Bitcoin on any exchange (Coinbase, Kraken, Binance, Gemini, Strike, and every other centralized exchange or app). You should immediately withdraw it and hold it on a hardware wallet like the Trezor, Blockstream Jade, or ColdCard.

Not your keys, not your coins!

Not investment advice! Consult a financial advisor.

Can Canada Actually Freeze Bitcoin Addresses?

Canada brings crypto under Terrorist Financing Act:

Jesse Powell confirms that Kraken will freeze your account if ordered to:

Trezor hardware wallet:

Trezor recovery seed backup:

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#Bitcoin
#Kraken
#Coinbase

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[Bitcoin_University]

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[aaronoffline]

I appreciate you continuing to make these videos for us despite you losing all of your bitcoin in a boating accident several years ago!

[DestructorEFX]

I consider a bitcoin to be "mine" only when I send it to my address and it's confirmed on the Blockchain.

[urbancornbread]

I followed until 6:05 after the address is copied and you go back to Coinbase and "you drop it in there..." and I'm lost. Sorry, I'm totally not tech savvy and new to crypto and I'm very interested in getting my BTC into my new trezor. If i c would humbly ask you to expound just a bit more I believe I could get it.
And thank you sir. I can not tell you how much I appreciate your videos! I really feel like the near future is going to look a lot different than a lot of people think it will and you are definitely on to something good here. Thank you Mr Krater!

[TToWeRz]

Jesse is why I joined Kraken years ago, his heart is in the right place, he didn’t shy away from the burden/responsibility of being one of the first exchanges and gets what bitcoin stands for and what is required for it to become global.
Ps. They’re customer service has always been great for me, Coinbase is incapable.

[dizzolve]

Since 7:30 bitcoin isn't technically being stored on or in your wallet, and even the seed is just a way to recall bitcoin from the ledger isn't the bitcoin really NOT in your possession? I mean I guess it always comes down to 'faith' with currency but we have to have faith that the crypto ledger or block chain cannot snag someone's key right? how possible is it to just randomly guess someone's seed? Sorry for the noob questions. Sometimes I think I have a grasp on crypto and then I don't lol

[fusion]

Bitcoin is literally the most important thing in the world.

[tentimetex]

But you will also not be able to sell your Bitcoin which is on your hardware wallet, because in order to do so, you will have to transfer it back onto an exchange, which means you have to again justify where it comes from....

[josephs]

What is the best way to do this with multiple alt coins? I suppose there is no universal option yet?

[gcpc]

Interesting topic, thank you. Yes, not your keys, not your coins. How can one ever convert their BTC holding to fiat without either 1) selling, which is a definite no-no, or 2) using BTC as collateral for a loan (eg through BlockFi) which will mean putting corn on an exchange, and all the risks inherent with doing so? Best wishes.

[danpinsonsax]

I’ve had a Coinbase account for almost two years. Late last year, they disabled the “send” option on my account for over two months. Finally started working around the first of the year. I’m done with them.

[mm-zwzc]

To mitigate this, I am not clear why couldn't the person with the tainted address just move the BTC (e.g. sell it to themselves) to another address (or even split the transaction outputs) wait for 3 confirmations, then move the BTC to the exchange and sell it before the black list could be updated?

Alternatively, couldn't the person simply fund a lightning channel, buy a small item, then close the channel?

Do the blacklisted UTXO's taint all downstream outputs instantly and indefinitely? Would the person who obtained BTC from the small item also be tainted on exchanges?

[petejames]

Some people including me, will probably need to convert some btc back to fiat for various reasons that you can't just use btc for .... so are we then still at the mercy of exchanges ? Its fine just holding it but we may need the fiat .. at some point for every day emergency

[balltennis]

Kraken froze my brand new account last week. They told me three times that my KYC picture was done wrong, though it wasn't, and I resubmitted three times ! Finally, after I asked what's going on, Kraken admin told me to withdraw my deposit within 72 hours. After that, my account would be closed, and nothing would be returned. Reason for this: "For security reasons, we cannot say why this action was taken."

[chad]

is this only if ur wallet/ u are from Canada?

[usaever]

I have a question. Isn't the Bitcoin or any other coin you own marked so they know it's yours? If so this could be a way for you to get tracked and possibly your coins could be banned from being purchased by a government or entity and people who might get it from you could possibly get told NOT to get any bitcoins (or other coins) from you under threat of possibly jail time or some other hefty penalty! Please clarify Matt since I'm somewhat new to all this and thanks much!

[kodyrrr]

I like referring to these sort of wallets as signing devices. That makes a bit more sense and is actually the case. The "coins" are not actually stored on the wallet, nor deep inside the hardware. Actually, it's more of a device that allows you to gain access to the coins. That may be a topic for another video.

[BeeeeEssss]

What are your thoughts about Ledger? Noticed you didn't mention it.

[thecookiechannel]

Did you say I can memorize my 24 word code, go to another country without my digital wallet, then buy a new one there, enter the code and my BTC will load onto that new wallet? Is that true?

[alexfinn]

Should you use 2FA with your hardware wallet? Technically if you get locked out of 2FA for some reason, then you can't move your BTC?