A Dutch crypto exchange called Knaken has collapsed. A court declared it bankrupt for running without a license under the EU’s MiCA rules, its new crypto rulebook. In June, customers were suddenly locked out of their accounts. Prosecutors say about $8 million, or €7 million, has vanished.

Notably, Knaken has no relationship with Kraken. Knaken is a Dutch crypto broker based in Rotterdam that has since entered bankruptcy.

Kraken is a separate US-based global cryptocurrency exchange that continues operating. The two companies are entirely independent despite their almost similar names.

Why Knaken shut down

Knaken let people buy, sell, and store…