Dutch prosecutors apply for bankruptcy of crypto platform Knaken

Odaily reported that the Dutch Public Prosecution Service has requested the Rotterdam court to declare crypto platform Knaken Cryptohandel and its related entity Stichting Knaken Payments bankrupt, citing "public interest" as the reason. Knaken has been offline since early June, leaving around 30,000 customers unable to access their funds.

Knaken previously allowed users to exchange euros for Bitcoin, Ethereum, and other cryptocurrencies, offering trading and digital asset storage services. According to EU crypto regulations, such activities require a license from Dutch market regulator AFM, but Knaken did not obtain the relevant license. Another criminal investigation initiated by the Fiscal Information and Investigation Service is ongoing. Investigators searched related locations on Monday, seizing laptops, mobile phones, and company assets. No one has been arrested so far. (Decrypt)