Dutch prosecutors move to force crypto platform Knaken into bankruptcy

The Netherlands' Public Prosecution Service (@Het_OM) has asked a Rotterdam court to declare Dutch crypto broker Knaken bankrupt, citing deep concern that tens of thousands of customers remain locked out of their funds with no clear path to recovery.

Knaken allowed customers to convert euros into cryptocurrencies such as Bitcoin and Ethereum, and store them on the platform. It stopped trading at the start of June after failing to obtain the necessary @AutoriteitFM license that crypto firms serving Dutch customers have needed since July 2025 under new EU rules.

30,000 Customers Frozen Out

The company has stopped paying out customers and told them not to file damage claims. Authorities estimate that around 30,000 customers are affected, with some investors holding tens of thousands of euros on the platform.

Knaken said it was working on an orderly wind-down, but prosecutors said they were not convinced this was happening properly. The prosecution service is pushing for bankruptcy in the public interest, arguing it is the best way to ensure an orderly settlement. If the court approves the request, a trustee will review remaining assets and determine what can be returned to customers and other creditors. The court has yet to rule.

Criminal Probe Runs in Parallel

Investigators from the FIOD are also looking into possible offences, prompted by @AutoriteitFM's concerns and a formal complaint from the regulator. On Monday, June 29, officers searched several premises, seizing laptops and mobile phones and confiscating company assets. No arrests have been made.

The prosecution service stressed that the bankruptcy request is separate from the criminal investigation, with different teams handling each process.

Knaken also had broader public visibility in the Netherlands. The company had been a sponsor of Dutch Eredivisie football clubs including Ajax, Sparta Rotterdam, and Feyenoord. Ajax ended its contract after just two months, while Feyenoord cut ties last year.

The case is emerging as a cautionary example of the risks posed by unlicensed crypto platforms operating under Europe's tightening regulatory framework.

Sources:
DutchNews.nl: Prosecutors request bankruptcy for Dutch crypto firm Knaken
NL Times: Prosecutors push Dutch crypto platform into bankruptcy court
Openbaar Ministerie: Official statement on Knaken bankruptcy request