[Dutch Crypto Platform Knaken Declared Bankrupt by Court, Over €7 Million in Missing User Assets Under Investigation] Odaily Planet Daily News – The Rotterdam court in the Netherlands has declared the cryptocurrency trading platform Knaken Cryptohandel BV and its associated foundation bankrupt. This follows a statement from prosecutors indicating that approximately €7 million (around $8 million) in customer assets from the platform could not be recovered. The court ruled on Thursday that initiating bankruptcy proceedings would facilitate the orderly liquidation of the company’s assets, as Knaken had already suspended platform services and restricted user access to accounts. The court noted that the company’s current assets are insufficient to fully repay user funds, and users lack adequate information to assess their legal rights. The Dutch Public Prosecution Service filed for bankruptcy on June 30, after launching a criminal investigation into the missing funds. The Dutch Financial Crime Investigation Service (FIOD) also conducted a raid on Knaken’s office at the end of June, seizing related equipment and assets. Knaken, founded in 2017 and headquartered in Rotterdam, ceased operations in early June this year. According to Dutch media outlet NL Times, the company was not listed in the Dutch Authority for the Financial Markets (AFM) registry of authorized crypto asset service providers. The AFM previously stated that it has begun regulatory and enforcement actions against unauthorized crypto asset service providers, as the Netherlands approaches the end of the EU’s Markets in Crypto-Assets (MiCA) transition period on June 30, 2025. (Cointelegraph)