Dutch crypto platform Knaken halts operations, leaving customers unable to access funds

The Rotterdam‑based cryptocurrency exchange Knaken suddenly stopped all services, taking its website and mobile app offline. Customers can no longer log in, view, or transfer their digital assets, which include Bitcoin, Ethereum and other tokens. The company says the shutdown is the result of its failure to obtain a licence required by new European crypto regulations overseen by the Dutch Authority for the Financial Markets (AFM). Earlier registrations with the Dutch Central Bank (DNB) are no longer sufficient under the updated rules, and Knaken was unable to meet the licensing conditions.

Knaken, founded in 2017 and previously a sponsor of football club Feyenoord, disclosed that it is financially vulnerable, reporting a 2024 turnover of about €765,000 and a net profit of roughly €28,700. The firm has pledged to investigate how customer balances will be handled and plans to provide an update around mid‑June. Users have expressed concern over the loss of access to potentially thousands of euros worth of cryptocurrency.

The situation highlights the growing regulatory pressures on small crypto service providers in the Netherlands and the broader EU market.