Dutch prosecutors move to bankrupt crypto platform Knaken

The Dutch Public Prosecution Service has filed a petition in a Rotterdam court to declare the crypto‑exchange Knaken bankrupt, citing public‑interest concerns. The request follows the platform’s failure to obtain the required license from the Netherlands Authority for the Financial Markets (AFM) and its shutdown that left roughly 30,000 customers unable to access their Bitcoin and other crypto holdings.

If the court grants the petition, a court‑appointed trustee will take control of Knaken’s assets and oversee the repayment process for users and other creditors. The bankruptcy filing is separate from a parallel criminal investigation by the Dutch Fiscal Information and Investigation Service (FIOD), which has seized equipment and assets from the company but has not made arrests.

The case highlights the tightening enforcement of the EU’s Markets in Crypto‑Assets (MiCA) framework, which requires crypto‑service providers to be licensed by national regulators by 1 July. Knaken’s collapse is an early example of the consequences for unlicensed platforms as the deadline approaches.