How to close an exchange account
- Author
- CRYPTO PORT Editorial
- Published
- Updated
- Reading time
- 5 min
In short
Before closing an account, the critical steps are emptying the balance and saving your trade history and annual statements. Once closed you generally cannot retrieve records, and there is no going back if you later need them for tax. The process itself normally runs: withdraw the assets, cancel open orders and recurring buys, then submit the closure request.
Key points
- Download and keep your trade history and annual statements before closing
- Withdraw every asset and all yen, including small remainders
- Cancel open orders, stop recurring buys and delete API keys first
- Reopening later normally means going through identity verification again
Definition
Ending your contract with an exchange and shutting the account. After closure you can normally neither hold a balance nor view your history.
Before anything else, save your records. Export the trade history, the deposit and withdrawal history, and any annual statement, going back as far as the service allows. Once closed you normally cannot log in, and there is no way to retrieve them. Because crypto gains are reported for the year of the sale, gathering earlier years as well as the current one is the safe approach.
Then clear the balance: withdraw crypto to an external wallet or another exchange, and withdraw yen to a bank account in your own name. The usual snag is a remainder too small to withdraw. Selling it for yen is the easy fix when possible, but the amount may fall below the minimum trade size. How such remainders can be handled differs by operator, so ask support before submitting the closure request.
Also switch off everything attached to the account: cancel open orders, stop any recurring buy, and delete any API keys you issued. If assets are committed to a lending or staking programme, releasing them can take a waiting period before you can withdraw, so build your timetable around that step.
How you apply to close varies. Some services let you request it from a settings screen; others require a message through the enquiry form. Expect some identity confirmation afterwards, and expect the whole thing to take a few days. Keep access until the confirmation arrives so you can check the account's state.
Two things are worth knowing about life after closure. First, the operator remains legally obliged to retain transaction records for a set period, so closing does not erase them. Second, reopening with the same operator normally means repeating identity verification from scratch. If you are only stepping away for a while, simply leaving the account dormant may be the better option.
Watch out for
- · Closing with a balance still in the account leaves its treatment to the operator's terms. Empty it first
- · If you do not save your history beforehand, records you later need for a tax filing may be unrecoverable
- · Never hand account details to anyone offering to 'handle the closure for you'. Transferring or lending an account is a crime
Frequently asked questions
Should I close an account I no longer use?
There are arguments both ways. A dormant account is another password and 2FA setup to look after, and unauthorised access is easier to miss. Closing, though, cuts off access to your records. The practical middle ground is to empty it, save the history, and keep only as many accounts as you can actually manage.