MiCA Rules Trigger Dutch Crypto Exchange Collapse
A Dutch crypto alternate referred to as Knaken has collapsed. A courtroom declared it bankrupt for operating with no license underneath the EU’s MiCA guidelines, its new crypto rulebook. In June, prospects have been instantly locked out of their accounts. Prosecutors say about $8 million, or €7 million, has vanished.
Notably, Knaken has no relationship with Kraken. Knaken is a Dutch crypto dealer based mostly in Rotterdam that has since entered chapter.
Kraken is a separate US-based world cryptocurrency alternate that continues working. The two firms are solely impartial regardless of their nearly related names.
Why Knaken shut down
Knaken let individuals purchase, promote, and retailer crypto. But it by no means acquired a license from the Dutch markets regulator, the AFM. The EU’s MiCA guidelines, formally referred to as the Markets in Crypto-Assets regulation, made that license necessary.
The Netherlands enforced its MiCA licensing deadline early, on June 30, 2025, one of many strictest within the bloc. Knaken by no means complied, and it went offline in June 2026.
Dutch prosecutors asked a courtroom to declare the corporate bankrupt on June 30. They stated payouts had stopped and prospects have been in danger. Prosecutors put Knaken’s buyer base at about 30,000 individuals. Dutch regulators had already fined OKX over MiCA breaches in 2025.
Knaken stated it didn’t must go bankrupt. It argued that buyer cash was already secure. The court disagreed. It named an impartial trustee to take management and recuperate what it may possibly.
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The Missing Money Tests the MiCA Rules
Dutch legislation offers crypto no automated safety if a platform fails, the AFM says. So companies use a separate authorized entity, normally a basis, to carry consumer cash aside. Knaken set one up, referred to as Stichting Knaken Payments. But that defend solely works if the cash is definitely there.
Under MiCA, a licensed agency should maintain consumer cash separate and secure. Done proper, that cash stays out of attain of the corporate’s collectors. The identical drawback hit the current AscendEX exchange collapse.
Dutch monetary crime investigators, the FIOD, raided Knaken on June 29 and seized computer systems and firm belongings. No one has been arrested. The prison case is separate from the chapter.
Customers even have little security internet. Dutch compensation schemes don’t cowl crypto, not like financial institution deposits. So restoration is dependent upon what the trustee can hint.
Payouts may take months, and nothing is assured. For many, it renews an previous warning about holding your own crypto.
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