Crypto broker Knaken shuts down, customers locked out of funds

Customers of Rotterdam cryptocurrency broker Knaken are unable to reach their coins after the company abruptly took its website and trading app offline, with no word on whether or when they will get their money back.

Knaken says it has halted all activity because it does not meet new EU rules for crypto firms, known as MiCA, the Financieel Dagblad reported. The broker, which is almost ten years old and sponsors the football club Feyenoord, said it was working out how to settle with its customers and would give an update later this month.

Under the rules, brokers serving Dutch customers have needed a licence from the financial markets regulator AFM since July 1 2025.

Knaken did not have one, and the AFM had already imposed restrictions and warned it could be shut down, according to the FD. The regulator said it could not answer questions, citing supervisory confidentiality, but that the situation had its attention.

The site and app went dark suddenly on Friday evening, one customer told regional broadcaster RTV Rijnmond, adding that some investors held tens of thousands of euros on the platform and that Knaken was not responding to messages. The number of active customers is not known.

Knaken was described as financially vulnerable in its most recent accounts, the FD said, and had been cutting costs and looking for investors.

Several other small Dutch brokers, including LiteBit and Anycoin Direct, have already closed or been taken over as licensing demands have tightened, and the AFM has long warned against using brokers without a licence.