Decrypt·5h ago·negative

Dutch Prosecutors Seek Bankruptcy of Unlicensed Crypto Platform Knaken, 30,000 Users Locked Out

Dutch prosecutors are pushing to bankrupt crypto platform Knaken, which went offline in June with 30,000 customers unable to access their funds. The platform operated without the required EU license.

Knaken went offline in early June, leaving 30,000 customers locked out of their crypto holdings
The platform never obtained the AFM license required under EU crypto rules
Prosecutors filed for bankruptcy in 'the public interest' to ensure an orderly wind-down
A separate criminal investigation by the FIOD seized devices and assets on Monday
Knaken previously sponsored Dutch football clubs Ajax, Feyenoord, and Sparta Rotterdam

regulationscamsImpact 6/10

Why our editor rated this negative

A crypto platform collapsing with 30,000 users locked out of their funds is clearly negative for the industry, though it also shows regulators stepping in to protect consumers.

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