Dutch court declares Knaken bankrupt after $8.2 million in funds disappear
A court in Rotterdam has declared cryptocurrency platform Knaken Cryptohandel BV and its affiliated entity bankrupt after approximately €7 million ($8.2 million) in customer funds went missing. According to the court, bankruptcy proceedings are necessary to ensure an orderly settlement of claims filed by users.
According to information published by Rechtspraak, the ruling followed the company's decision to block access to its platform and customer accounts. The court also noted that the company's remaining assets are insufficient to fully reimburse affected users.
In addition, customers currently lack sufficient information to assess their legal position and the prospects of recovering their funds.
Prosecutors launch criminal investigation
The Dutch Public Prosecution Service filed a bankruptcy petition against the company on June 30, 2026, after launching a criminal investigation into the disappearance of customer assets.In late June, the Dutch Fiscal Information and Investigation Service (FIOD) searched the company's offices and seized electronic devices and other assets relevant to the investigation.
Knaken was founded in Rotterdam in 2017. According to local media reports, the platform ceased operations and stopped servicing customers in early June.
Company lacked a crypto services license
Knaken is not listed in the register of crypto asset service providers authorized by the Dutch Authority for the Financial Markets (AFM).Earlier, the regulator announced supervisory and enforcement measures against companies operating without the required licenses following the end of the country's transitional period under the MiCA regulatory framework. The Netherlands completed its MiCA transition period on June 30, 2025, one year earlier than the maximum deadline permitted for European Union member states.
In February, the Dutch House of Representatives approved a bill proposing a 36% capital gains tax on savings and most liquid assets, including cryptocurrencies. The proposed tax would apply regardless of whether the assets have been sold.
Earlier, SBI Crypto, a subsidiary of Japanese financial holding company SBI Holdings, announced that it will shut down its Bitcoin mining pool after five years of operation. The service will cease all operations on July 31, 2026.
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