Dutch cryptocurrency trading platform Knaken suddenly taken offline
Knaken, a Dutch platform where people can trade cryptocurrencies, was suddenly taken offline on Friday evening. The company’s website invites customers to submit questions, which will be answered on the site in mid-June.
“Knaken Cryptohandel B.V. has temporarily ceased its business activities. The customer portal and app are currently unavailable; logging in is therefore not possible at this time,” the Knaken website states without any further information.
According to Rijnmond, it looks like the Rotterdam-based company did not have the proper license. Knaken does not appear in the Dutch Authority for the Financial Markets’ (AFM) crypto register.
The AFM told the regional broadcaster that it is aware of the matter. “Knaken previously indicated on its website that it has a license application pending with the AFM. In general terms, we can state that crypto service providers that do not comply with the [European legislation] MiCAR standards will find that their license application with us will not proceed.”
“Due to supervisory confidentiality, we cannot comment further on this case,” the AFM said, advising consumers to check its crypto register to see whether crypto service providers hold a license before doing business with them.
Rijnmond became aware of this issue when a Rotterdam local who shares a Knaken account with a friend contacted the broadcaster. The friend contacted him on Friday evening. “In the morning, he could still access the account. In the evening, he couldn’t anymore. Then you go check the website and get that message.” He remarks that this happened on a Friday evening. “When no one is reachable. Even Knaken, which claims to be open 24 hours a day. They don’t respond to WhatsApp messages. Nor to emails.”
The man said he wasn’t panicking. “But I do know people who are worried. I have a few thousand euros in there. They have tens of thousands of euros. Then you might start to feel a bit of panic, too.”
Knaken was founded in Rotterdam in 2017 by Ronald Jonkers and a partner. In 2024, Jonkers told Rijnmond that his company had grown to 45 employees. In the past, the crypto platform tried to establish itself in the market via football teams Feyenoord and Sparta. The latter told Rijnmond that it cut ties with Knaken last year.
