Dutch crypto service Knaken is suddenly offline, customers cannot access currency

The Dutch cryptocurrency platform Knaken has suddenly gone offline. The company says it does not have the correct license and has therefore ceased all activities. As a result, users cannot access their cryptocurrency.

"Knaken Cryptohandel B.V. has ceased its business activities because it was unable to obtain the necessary MiCAR license," the company writes in a message on the site. As a result, customers cannot log in to the customer portal or app. "We are currently investigating how we can shape the handling with our customers."

The MiCAR license was published three years ago and is part of EU legislation that regulates crypto platforms. MiCAR stands for Markets in Crypto-Assets Regulation. According to broadcaster Rijnmond, the platform has been offline since Friday. Knaken was founded in 2017.

Supervisory authority AFM tells Tweakers that the situation 'naturally' deserves attention, but for reasons of confidentiality it cannot comment on individual files. The AFM advises consumers to check the register to see whether platforms have the correct permit.