Dutch Prosecution Seeks Bankruptcy Declaration for Unlicensed Cryptocurrency Exchange Knaken
The Dutch Public Prosecution Office (OM) has requested the court to declare Knaken Cryptohandel B.V. and Stichting Knaken Payments bankrupt after the Financial Markets Authority (AFM) raised concerns about the unlicensed provision of cryptocurrency services. The company allowed clients to convert fiat currency to cryptocurrency and vice versa without the required AFM license. The OM is concerned about the improper winding down of the company and potential risks to clients.