I’ll go over how to permanently remove a cryptocurrency exchange account in this post, along with the necessary procedures you need to do before doing so.
In order to prevent future security or compliance problems, you will learn how to withdraw money, protect your data, download crucial documents, and comprehend what occurs after deletion.
What is Crypto Exchange?
A crypto exchange is a place where a user can buy, sell, trade, and store cryptocurrencies like Bitcoin and Ethereum. These platforms serve as middlemen, matching buyers and sellers, providing them with real-time prices and offers like spot trading, futures, staking, and wallet services. There are centralized and decentralized crypto exchanges.
In centralized exchanges, a user has to create an account, and the company has control over the user’s account, funds, and trades. For decentralized exchanges there is no central authority to control the trades, and the users can trade directly from their own wallets.
Centralized exchanges tend to follow regulations, so they do user identity verification (KYC). In decentralized exchanges there is a focus on the user’s privacy and control over their own funds. Overall, both centralized and decentralized crypto exchanges provide services that are very important to both new and experienced cryptocurrency investors.
How to Delete a Crypto Exchange Account Permanently
Example: Deleting Your Binance Crypto Exchange Account
Step 1: Go to Your Binance Account
Visit the Binance website or the app and sign in using your email and password. Be sure to access the correct website to avoid phishing scams.
Step 2: Withdraw All Your Money
Binance does not let you delete your account if you have a balance. Before you delete your account, move all your crypto and fiat money to an external wallet or bank account.
Step 3: Close All Active Trades and Services
You must cancel all open spot orders and close all open futures, margin, staking, savings, or loan positions. Before you delete your account, your account must not have active services.
Step 4: Turn Off Security and API Access
If you have any API keys that are used for trading bots or third-party apps, you need to remove them. Finally, if you want to keep your transaction history, you should create a record of it before you do this.
Step 5: Access the Settings Menu
Locate your profile icon, select Security or Settings, and search for the option that says Disable Account or Delete Account.
Step 6: Choose “Delete Account Permanently”
Select that option, and carefully review the warning. Binance will let you know that you won’t be able to recover your account after deleting it.
Step 7: Verify your Identity
To prove ownership, Binance will require security verification which could be an email verification, an SMS code, 2FA, or a brief identity verification.
Step 8: Deletion Request
After verification is done, you can make your request. Deletion is processed by Binance and is done typically within a few days.
Step 9: Confirmation
You will receive an email that your account has been permanently deleted for you, and you won’t be able to log into your account or access your information after this.
Things to Consider Before Deleting Your Account
Check Your Balance
Withdraw all your crypto and fiat. You cannot delete your account with a positive balance.
Open Trades and Positions
Close all the trades and open orders and close your futures, margin, staking, and savings loan positions.
Transaction and Trade History
Download all of your recorded trading history, withdrawals, and balance sheets. You will need these records for taxes.
Account Deletion is Final
Account deletions are usually not reversible. You will need to accept that you will no longer be able to access your account, your account details and your account history.
Knowledge of KYC and Compliance Constraints
If your account is flagged for compliance, you will not be able to delete your account.
API and Third-Party Integrations
Disable all API, trading bots, and other connected apps.
Legal Data Retention Policies
Compliance with the law may mean that your crypto exchange holds on to some of your personal information, even after you delete your account.
Understand Potential Tax and Legal Implications
Ensure you have recorded all taxable crypto transactions prior to closing your account.
Consider Other Options
If you are worried about privacy, you may want to consider temporarily disabling your account or using self-custody wallets instead of deleting your account.
Download Important Account Records
History of Transactions: Records of all deposits, withdrawals, and internal transfers should be downloaded for verifications in future steps.
History of Trades: Records of spot, futures, margin and options trades, including order, price, and time stamps should be saved.
Statements of Account: Download monthly or yearly account statements that incorporate a summary of the activity, performance, and balance.
Records Regarding Taxes: Capital gains and profit-and-loss (PnL) records and financial summary taxes must be downloaded for filing taxes regarding crypto.
Records Regarding KYC and Verification: Accounts to which merges or Identity verification documents have been signed should be saved to maintain compliance.
Records Regarding Fees and Commissions: Accounts are to which trading, withdrawal, and funding fees have been charged to keep accurate records.
Records Regarding Staking, Savings and Rewards: Rewards, interest, airdrops, and bonuses should be downloaded.
Records Regarding API Activity: API activity should be obtained to account for automated trades and the activities of third party applications.
Communication and Support Tickets: Emails and chat records regarding communication of a mobile dispute, account freezes, or changes should be stored.
History of Security and Logins: Records of login activities and the history of IPs and devices should be obtained to manage access history to the account.
Security Tips After Deleting Your Account
Watch out for new activity in your email
New email alerts are an easy target for hackers, exchange scams, and phishing attempts.
It’s time to change some passwords
Did you deregister an email or a wallet for the exchange? Delete those accounts, and change your passwords for everything else linked to the exchange.
Hoaxes can lead you to old exchanges
Old emails and bookmarks to the exchange are phishers’ best friends, and you can make it more difficult for them by avoiding old exchanges.
Should I make a new trading account?
Just so you know, trading bots and third party apps that are linked to your trading account are able to trade for you, so it’s best to remove those links.
KYC can lead to identity theft
Once you complete KYC verification on the exchange, you become a target for identity theft. Just a heads up.
Old passwords? New platforms?
Old usernames, passwords, or 2FA? You’ll need to set those on a different exchange.
Keep an Eye on Financial Statements
Monitor transactions on the wallet and bank to check for any suspicious or unauthorized transactions.
Know the Scams
Monitor the channels for crypto security updates and implement the measures to protect yourself from phishing and scam attacks.
Common Issues When Deleting an Account
Account Holds Due to Account Balance: Even the smallest amount of crypto or money in your account can prevent your account from being deleted.
Active Trades or Services: Pending orders and active positions in staking, savings, margin, and futures loans must be closed in order to delete the account.
Account Review or Freeze Due to KYC: Accounts that have been marked for compliance review, security review, or suspicious activity cannot have their accounts deleted until the issue is resolved.
Verification Issues: KYC identity issues must be resolved to delete the account.
Negative Balance or Outstanding Fees: Unpaid trading fees and losses from margin calls can prevent accounts from being deleted.
No Deletion Option in Settings: Accounts that have a delete option hidden must contact customer service.
Withdrawals Still Pending: Pending withdrawals can be the reason for an account not being deleted.
Active API Keys and Third Party Services: API keys must be disabled and third party services linked to the account must be unlinked.
Support Tickets in the Queue: Account deletion requests via customer support are backlogged do to a high volume of support tickets.
Data Retention Policies: Even when accounts or data are deleted, there may be certain regulations that require us to retain some personal information.
Alternatives to Account Deletion
Account Deactivation or Locking
Account deactivation or locking is permissioned to some degree by some exchange sites to allow users to take a break from trading without being so committed as to delete their account.
Withdrawal of Funds and Pausing Activity
Users have the option of withdrawing their funds and then stopping all trading activity but leaving the account open for the purposes of accessing it in the future.
Modifying Profile Data/Information
Users are entitled to modifying profile information as well as the default data held by the exchange such as marketing preferences, communication preferences, as well as other aspects to which users are entitled.
Disable Trading and API Access
Do not forget to delete your API keys to ensure you do not accidentally trade, and ensure also to delete your API keys to ensure you do not trade by yourself.
Switch to Self-Custody Wallets Instead
Non-custodial or what are also known as custody wallets essentially enable you to not have to rely upon an exchange to gain control of your assets.
Marketing Email Unsubscription
Exchange sites that spam promotional emails, as well as promotional notifications do so in order to promote themselves for economic gain.
Restriction of Account Limits/Premissions
Without restriction or closure of a trading account, some exchange sites allow restriction of the trading account to a degree as a means of limit control.
Decentralized Exchange Trading
Trading via a DEX allows you to trade via your wallet without restrictions of account creation or the requirement of KYC (Know Your Customer) documentation.
Account Deletion Support for Limited Access
Support may be contacted for the purpose of account changes which pertain to limited access for the purpose of privacy or centered around limited deletion of the account.
Use Account for Record Keeping Only
Hold onto the account just to view the history of past transactions and tax records.
Conclusion
Permanently deleting a cryptocurrency exchange account is a major decision that has to be planned for. Make sure all money has been taken out, all open trades have been closed, and all crucial documents have been safely downloaded before you close your account.
Future problems can be avoided by being aware of the exchange’s deletion procedure, data retention guidelines, and security consequences.
Alternatives like account deactivation or self-custody wallets should be taken into consideration if security or privacy are your top priorities. You can safely terminate your cryptocurrency exchange account while safeguarding your money and private data by adhering to the proper procedures and post-deletion security guidelines.
FAQ
Is deleting a crypto exchange account permanent?
Yes, in most cases account deletion is permanent. Once deleted, you usually cannot recover access, login credentials, or historical data.
Can I delete my account if I still have funds in it?
No. Exchanges require you to withdraw all crypto and fiat balances and close open positions before allowing deletion.
How long does it take to delete a crypto exchange account?
The process may take from a few minutes to several days, depending on the exchange and any required verification.
Will my personal data be completely erased after deletion?
Not always. Most exchanges retain some personal and KYC data to comply with legal and regulatory requirements.
Can I reopen a deleted crypto exchange account?
Usually no. Some exchanges may allow a new account with the same email, but the old account data is not restored.
