Dutch court declares crypto exchange Knaken bankrupt

A district court in Rotterdam has declared crypto trading platform Knaken Cryptohandel BV and an affiliated foundation bankrupt, saying insolvency proceedings are needed to liquidate the company’s assets in an orderly manner after Knaken halted platform operations and restricted user access to accounts. The court added that the company’s current assets are unlikely to be enough to fully repay customer funds, while users also lack sufficient information to assess their legal rights. Knaken, a Dutch crypto trading platform founded in 2017, halted operations in June.