Event Overview: Knaken Bankruptcy Filing and User Fund Freeze
According to ChainCatcher citing Decrypt, the Dutch Public Prosecution Service has filed a petition with the Rotterdam District Court to declare bankruptcy for crypto platform Knaken and its associated payment institution Stichting Knaken Payments. The prosecutors stated the move serves the “public interest.” Knaken ceased operations in early June 2026, leaving approximately 30,000 users unable to withdraw funds. The platform has stopped making payments to customers and allegedly advised users not to file compensation claims, sparking widespread concern.
Regulatory Gaps and Simultaneous Criminal Investigation
The Dutch prosecution noted that Knaken failed to obtain the required license from the Netherlands Authority for the Financial Markets (AFM) under the EU’s Markets in Crypto-Assets Regulation (MiCA). Furthermore, the platform’s liquidation process lacked orderly management. In parallel, the Dutch Fiscal Information and Investigation Service (FIOD) has launched a criminal investigation. On Monday (June 30), FIOD raided relevant premises, seizing laptops, mobile phones, and some company assets. No arrests have been made yet, but the investigation continues.
Bankruptcy Process and Outlook for User Fund Recovery
If the Rotterdam court approves the bankruptcy petition, a designated bankruptcy trustee will take over the company’s assets and be responsible for deciding the repayment arrangements for customers and other creditors. This means the fate of the 30,000 users—whether and how much they can recover—depends entirely on the trustee’s review and the remaining assets of the platform. The case underscores the critical importance of regulatory compliance for crypto platforms and serves as a warning for investors to prioritize platforms’ license status before engaging.