Dutch prosecutors have asked the court to declare Knaken bankrupt, saying the platform operated without the required AFM license and still has not repaid customers after halting operations.
A court in Rotterdam has declared cryptocurrency platform Knaken Cryptohandel BV and its affiliated foundation bankrupt after prosecutors said about €7 million, or roughly $8 million, in client assets could not be recovered. The ruling, issued on Thursday, said insolvency proceedings would allow an orderly liquidation after Knaken suspended platform services and restricted users’ access to their accounts. The court also said the company’s remaining assets were not enough to fully repay users and that customers lacked sufficient information to assess their legal position. Dutch prosecutors filed for bankruptcy on June 30 and had already opened a criminal investigation into the missing funds. The Dutch financial crime agency FIOD searched Knaken’s offices in late June and seized equipment and assets. Knaken, founded in 2017 and based in Rotterdam, stopped operating in early June. According to Dutch media outlet NL Times, the company was not listed on the Dutch Authority for the Financial Markets’ register of authorized crypto-asset service providers. AFM has said it began taking supervisory and enforcement action against unauthorized firms after the Netherlands ended the MiCA transition period on June 30, 2025.
Crypto payments company BitPay said it has received approval from the Netherlands Authority for the Financial Markets and obtained a Crypto-Asset Service Provider, or CASP, license. The company said the authorization allows it to operate across European Union member states under the Markets in Crypto-Assets framework. BitPay added that the license will support a broader push in Europe, including crypto payment and stablecoin payment services. The update comes as regulatory requirements tighten in the region. Under the relevant rules, all entities offering crypto-related services must be brought under supervision starting July 1. Jonathan Arler, BitPay’s head of Europe, said Europe is one of the most important regions for the future of payments. The announcement follows an earlier disclosure from Ripple, which said it had obtained a CASP license from Luxembourg’s financial regulator.
As of March 2026, the EU MiCA framework has authorized 174 crypto-asset service providers (CASPs), yet only 14 are permitted to operate a centralized exchange. Analysis reveals Germany leads with 51 registrations (mostly traditional banks), while Malta and Cyprus host major exchange operators.
Despite 174 MiCA authorizations across the EU, only 14 entities are licensed to operate a centralized crypto exchange. This article breaks down service code distribution, jurisdictional clustering, and strategic lessons for founders navigating the MiCA landscape.
Clearbank Europe, a subsidiary of Clearbank Group, has completed the MiCA notification process and received AFM approval to become the first Dutch credit institution licensed as a Crypto-Asset Service Provider, offering EURC and USDC stablecoin services.
ClearBank Europe becomes the first Dutch credit institution approved under MiCA to provide crypto services, planning to offer EURC and USDC stablecoins via Circle's platform, bridging traditional clearing with blockchain.
ClearBank Europe has become the first Dutch credit institution approved under MiCA. It will offer EURC and USDC stablecoins to institutional clients, connecting traditional clearing with blockchain to reduce settlement times.
