Crypto▼ Bearish
Knaken Bankruptcy Strands 30,000 Crypto Users
Dutch crypto broker Knaken entered bankruptcy on June 30, leaving 30,000 customers uncertain about asset recovery. The failure followed a missed MiCA license deadline. A criminal investigation is ongoing.
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Dutch cryptocurrency broker Knaken entered bankruptcy on June 30, leaving roughly 30,000 customers uncertain about the fate of their digital assets. A Rotterdam court granted the petition after the company failed to secure a license from the Dutch Authority for the Financial Markets (AFM), a requirement under the European Union's MiCA regulation.
Knaken ceased operations in June 2026 after missing the compliance deadline. The Netherlands enforced the MiCA licensing rules strictly, with a deadline of June 30, 2025. The company has no connection to U.S.-based exchange Kraken, which operates independently.
Dutch prosecutors petitioned the court on June 30, arguing that customer withdrawals had stopped and users faced growing financial risk. Knaken had insisted bankruptcy was unnecessary and that customer funds remained secure. The court ruled otherwise. An independent trustee was appointed to oversee the company's remaining assets and attempt to recover funds for creditors.