Crypto Exchange Shutdowns: The First Deadline Matters Most

The step most often overlooked is pulling the transaction history. Once the account is closed, you cannot access it for tax filings. Before the cutoff, export a full CSV of all transactions, a PDF of the account statement covering the entire period, and a screenshot of the current portfolio with the date and time visible.

After the deadline, some providers charge monthly fees for remaining balances. Luno announced rising fees over time. That mainly hits old secondary accounts and small amounts people assume are not worth the effort to withdraw.

If the cutoff has passed, the money is usually not lost, but the route becomes awkward. At Luno, access after that point runs through customer service, which asks for a bank statement no older than three months. Self-service turns into an identification procedure. Get in touch in writing using the official address from the provider's help centre, not a link from an email. Record the date and content of every message, and explicitly request the transaction history. Also check which supervisory authority is responsible, because with an authorised company there is a complaints route beyond customer service.

Around every announced closure, scam messages appear claiming to help rescue the balance. They lead to fake login pages. No reputable provider asks for credentials or seed phrases by email.

Signals that an exit is coming include withdrawal processing times that stretch from hours to days, customer support that stops answering within a reasonable period, and vague communications about restructuring or regulatory reviews. No single signal proves anything. Several together justify a second look at the choice of provider.

As long as coins sit with a provider, access depends on that provider's business decisions and its authorisation. Holdings in self-custody remove that risk. The trade-off is sole responsibility for the backup. Lose the seed phrase and there is no hotline. Store it digitally without protection and you have swapped a provider risk for a theft risk. For larger amounts, a device with separate key storage is the usual route. For everyday use, many people find a software wallet on their phone sufficient.

(As of August 11, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)

Transparency note: This article was produced with the assistance of artificial intelligence and reviewed by our editorial team before publication. All figures and claims were checked against the primary sources linked in the text.