diff --git a/protocol/messenger.go b/protocol/messenger.go
index 37fcaa295..cbfb76a4d 100644
--- a/protocol/messenger.go
+++ b/protocol/messenger.go
@@ -464,7 +464,7 @@ func NewMessenger(
 	if c.tokenManager != nil {
 		managerOptions = append(managerOptions, communities.WithTokenManager(c.tokenManager))
 	} else if c.rpcClient != nil {
-		tokenManager := token.NewTokenManager(c.walletDb, c.rpcClient, community.NewManager(database, c.httpServer, nil), c.rpcClient.NetworkManager, database, c.httpServer, nil)
+		tokenManager := token.NewTokenManager(c.walletDb, c.rpcClient, community.NewManager(database, c.httpServer, nil), c.rpcClient.NetworkManager, database, c.httpServer, nil, nil, nil)
 		managerOptions = append(managerOptions, communities.WithTokenManager(communities.NewDefaultTokenManager(tokenManager)))
 	}
 
diff --git a/services/wallet/service.go b/services/wallet/service.go
index b4c0ce3b5..3e3c9bc6b 100644
--- a/services/wallet/service.go
+++ b/services/wallet/service.go
@@ -102,7 +102,8 @@ func NewService(
 
 	communityManager := community.NewManager(db, mediaServer, feed)
 	balanceCacher := balance.NewCacherWithTTL(5 * time.Minute)
-	tokenManager := token.NewTokenManager(db, rpcClient, communityManager, rpcClient.NetworkManager, appDB, mediaServer, feed)
+	tokenManager := token.NewTokenManager(db, rpcClient, communityManager, rpcClient.NetworkManager, appDB, mediaServer, feed, accountFeed, accountsDB)
+	tokenManager.Start()
 	savedAddressesManager := &SavedAddressesManager{db: db}
 	transactionManager := transfer.NewTransactionManager(db, gethManager, transactor, config, accountsDB, pendingTxManager, feed)
 	blockChainState := blockchainstate.NewBlockChainState()
@@ -262,6 +263,7 @@ func (s *Service) Stop() error {
 	s.history.Stop()
 	s.activity.Stop()
 	s.collectibles.Stop()
+	s.tokenManager.Stop()
 	s.started = false
 	log.Info("wallet stopped")
 	return nil
diff --git a/services/wallet/token/token.go b/services/wallet/token/token.go
index 8dbdb14e1..4ae319f4f 100644
--- a/services/wallet/token/token.go
+++ b/services/wallet/token/token.go
@@ -21,12 +21,14 @@ import (
 	"github.com/status-im/status-go/contracts/ethscan"
 	"github.com/status-im/status-go/contracts/ierc20"
 	eth_node_types "github.com/status-im/status-go/eth-node/types"
+	"github.com/status-im/status-go/multiaccounts/accounts"
 	"github.com/status-im/status-go/params"
 	"github.com/status-im/status-go/protocol/communities/token"
 	"github.com/status-im/status-go/rpc"
 	"github.com/status-im/status-go/rpc/chain"
 	"github.com/status-im/status-go/rpc/network"
 	"github.com/status-im/status-go/server"
+	"github.com/status-im/status-go/services/accounts/accountsevent"
 	"github.com/status-im/status-go/services/communitytokens"
 	"github.com/status-im/status-go/services/utils"
 	"github.com/status-im/status-go/services/wallet/async"
@@ -104,6 +106,9 @@ type Manager struct {
 	communityManager  *community.Manager
 	mediaServer       *server.MediaServer
 	walletFeed        *event.Feed
+	accountFeed       *event.Feed
+	accountWatcher    *accountsevent.Watcher
+	accountsDB        *accounts.Database
 
 	tokens []*Token
 
@@ -125,17 +130,7 @@ func mergeTokens(sliceLists [][]*Token) []*Token {
 	return res
 }
 
-func NewTokenManager(
-	db *sql.DB,
-	RPCClient *rpc.Client,
-	communityManager *community.Manager,
-	networkManager *network.Manager,
-	appDB *sql.DB,
-	mediaServer *server.MediaServer,
-	walletFeed *event.Feed,
-) *Manager {
-	maker, _ := contracts.NewContractMaker(RPCClient)
-	stores := []store{newUniswapStore(), newDefaultStore()}
+func prepareTokens(networkManager *network.Manager, stores []store) []*Token {
 	tokens := make([]*Token, 0)
 
 	networks, err := networkManager.GetAll()
@@ -158,6 +153,23 @@ func NewTokenManager(
 
 		tokens = mergeTokens([][]*Token{tokens, validTokens})
 	}
+	return tokens
+}
+
+func NewTokenManager(
+	db *sql.DB,
+	RPCClient *rpc.Client,
+	communityManager *community.Manager,
+	networkManager *network.Manager,
+	appDB *sql.DB,
+	mediaServer *server.MediaServer,
+	walletFeed *event.Feed,
+	accountFeed *event.Feed,
+	accountsDB *accounts.Database,
+) *Manager {
+	maker, _ := contracts.NewContractMaker(RPCClient)
+	stores := []store{newUniswapStore(), newDefaultStore()}
+	tokens := prepareTokens(networkManager, stores)
 
 	return &Manager{
 		db:                db,
@@ -170,6 +182,32 @@ func NewTokenManager(
 		tokens:            tokens,
 		mediaServer:       mediaServer,
 		walletFeed:        walletFeed,
+		accountFeed:       accountFeed,
+		accountsDB:        accountsDB,
+	}
+}
+
+func (tm *Manager) Start() {
+	tm.startAccountsWatcher()
+}
+
+func (tm *Manager) startAccountsWatcher() {
+	if tm.accountWatcher != nil {
+		return
+	}
+
+	tm.accountWatcher = accountsevent.NewWatcher(tm.accountsDB, tm.accountFeed, tm.onAccountsChange)
+	tm.accountWatcher.Start()
+}
+
+func (tm *Manager) Stop() {
+	tm.stopAccountsWatcher()
+}
+
+func (tm *Manager) stopAccountsWatcher() {
+	if tm.accountWatcher != nil {
+		tm.accountWatcher.Stop()
+		tm.accountWatcher = nil
 	}
 }
 
@@ -314,6 +352,7 @@ func (tm *Manager) FindOrCreateTokenByAddress(ctx context.Context, chainID uint6
 }
 
 func (tm *Manager) MarkAsPreviouslyOwnedToken(token *Token, owner common.Address) (bool, error) {
+	log.Info("Marking token as previously owned", "token", token, "owner", owner)
 	if token == nil {
 		return false, errors.New("token is nil")
 	}
@@ -876,3 +915,52 @@ func (tm *Manager) GetTokenHistoricalBalance(account common.Address, chainID uin
 	}
 	return &balance, nil
 }
+
+func (tm *Manager) GetPreviouslyOwnedTokens() (map[common.Address][]*Token, error) {
+	tokenMap := make(map[common.Address][]*Token)
+	rows, err := tm.db.Query("SELECT user_address, token_name, token_symbol, token_address, token_decimals, chain_id FROM token_balances")
+	if err != nil {
+		return nil, err
+	}
+	defer rows.Close()
+
+	for rows.Next() {
+		token := &Token{}
+		var addressStr, tokenAddressStr string
+		err := rows.Scan(&addressStr, &token.Name, &token.Symbol, &tokenAddressStr, &token.Decimals, &token.ChainID)
+		if err != nil {
+			return nil, err
+		}
+		address := common.HexToAddress(addressStr)
+		if (address == common.Address{}) {
+			continue
+		}
+		token.Address = common.HexToAddress(tokenAddressStr)
+		if (token.Address == common.Address{}) {
+			continue
+		}
+
+		if _, ok := tokenMap[address]; !ok {
+			tokenMap[address] = make([]*Token, 0)
+		}
+		tokenMap[address] = append(tokenMap[address], token)
+	}
+
+	return tokenMap, nil
+}
+
+func (tm *Manager) removeTokenBalances(account common.Address) error {
+	_, err := tm.db.Exec("DELETE FROM token_balances WHERE user_address = ?", account.String())
+	return err
+}
+
+func (tm *Manager) onAccountsChange(changedAddresses []common.Address, eventType accountsevent.EventType, currentAddresses []common.Address) {
+	if eventType == accountsevent.EventTypeRemoved {
+		for _, account := range changedAddresses {
+			err := tm.removeTokenBalances(account)
+			if err != nil {
+				log.Error("token.Manager: can't remove token balances", "error", err)
+			}
+		}
+	}
+}
diff --git a/services/wallet/token/token_test.go b/services/wallet/token/token_test.go
index 70da89848..db64f91cb 100644
--- a/services/wallet/token/token_test.go
+++ b/services/wallet/token/token_test.go
@@ -1,17 +1,31 @@
 package token
 
 import (
+	"errors"
 	"math/big"
+	"sync"
 	"testing"
+	"time"
 
+	"github.com/golang/mock/gomock"
 	"github.com/stretchr/testify/require"
 
 	"github.com/ethereum/go-ethereum/common"
+	"github.com/ethereum/go-ethereum/event"
+	gethrpc "github.com/ethereum/go-ethereum/rpc"
 
+	"github.com/status-im/status-go/appdatabase"
+	"github.com/status-im/status-go/multiaccounts/accounts"
 	"github.com/status-im/status-go/params"
+	"github.com/status-im/status-go/rpc"
+	"github.com/status-im/status-go/rpc/network"
+	mediaserver "github.com/status-im/status-go/server"
+	"github.com/status-im/status-go/services/accounts/accountsevent"
 	"github.com/status-im/status-go/services/wallet/bigint"
 	"github.com/status-im/status-go/services/wallet/community"
 	"github.com/status-im/status-go/t/helpers"
+	"github.com/status-im/status-go/t/utils"
+	"github.com/status-im/status-go/transactions/fake"
 	"github.com/status-im/status-go/walletdatabase"
 )
 
@@ -297,3 +311,75 @@ func TestGetTokenHistoricalBalance(t *testing.T) {
 	require.NoError(t, err)
 	require.Equal(t, expectedBalance, balance)
 }
+
+func Test_removeTokenBalanceOnEventAccountRemoved(t *testing.T) {
+	appDB, err := helpers.SetupTestMemorySQLDB(appdatabase.DbInitializer{})
+	require.NoError(t, err)
+
+	walletDB, err := helpers.SetupTestMemorySQLDB(walletdatabase.DbInitializer{})
+	require.NoError(t, err)
+
+	accountsDB, err := accounts.NewDB(appDB)
+	require.NoError(t, err)
+
+	address := common.HexToAddress("0x1234")
+	accountFeed := event.Feed{}
+	chainID := uint64(1)
+	txServiceMockCtrl := gomock.NewController(t)
+	server, _ := fake.NewTestServer(txServiceMockCtrl)
+	client := gethrpc.DialInProc(server)
+	rpcClient, _ := rpc.NewClient(client, chainID, params.UpstreamRPCConfig{}, nil, nil)
+	rpcClient.UpstreamChainID = chainID
+	nm := network.NewManager(appDB)
+	mediaServer, err := mediaserver.NewMediaServer(appDB, nil, nil, walletDB)
+	require.NoError(t, err)
+
+	manager := NewTokenManager(walletDB, rpcClient, nil, nm, appDB, mediaServer, nil, &accountFeed, accountsDB)
+
+	// Insert balances for address
+	marked, err := manager.MarkAsPreviouslyOwnedToken(&Token{
+		Address:  common.HexToAddress("0x1234"),
+		Symbol:   "Dummy",
+		Decimals: 18,
+		ChainID:  1,
+	}, address)
+	require.NoError(t, err)
+	require.True(t, marked)
+
+	tokenByAddress, err := manager.GetPreviouslyOwnedTokens()
+	require.NoError(t, err)
+	require.Len(t, tokenByAddress, 1)
+
+	// Start service
+	manager.startAccountsWatcher()
+
+	// Watching accounts must start before sending event.
+	// To avoid running goroutine immediately and let the controller subscribe first,
+	// use any delay.
+	group := sync.WaitGroup{}
+	group.Add(1)
+	go func() {
+		defer group.Done()
+		time.Sleep(1 * time.Millisecond)
+
+		accountFeed.Send(accountsevent.Event{
+			Type:     accountsevent.EventTypeRemoved,
+			Accounts: []common.Address{address},
+		})
+
+		require.NoError(t, utils.Eventually(func() error {
+			tokenByAddress, err := manager.GetPreviouslyOwnedTokens()
+			if err == nil && len(tokenByAddress) == 0 {
+				return nil
+			}
+			return errors.New("Token not removed")
+		}, 100*time.Millisecond, 10*time.Millisecond))
+	}()
+
+	group.Wait()
+
+	// Stop service
+	txServiceMockCtrl.Finish()
+	server.Stop()
+	manager.stopAccountsWatcher()
+}
diff --git a/services/wallet/transfer/commands_sequential_test.go b/services/wallet/transfer/commands_sequential_test.go
index f5be844c7..fe530a182 100644
--- a/services/wallet/transfer/commands_sequential_test.go
+++ b/services/wallet/transfer/commands_sequential_test.go
@@ -1048,7 +1048,7 @@ func TestFindBlocksCommand(t *testing.T) {
 		}
 		client, _ := statusRpc.NewClient(nil, 1, params.UpstreamRPCConfig{Enabled: false, URL: ""}, []params.Network{}, db)
 		client.SetClient(tc.NetworkID(), tc)
-		tokenManager := token.NewTokenManager(db, client, community.NewManager(appdb, nil, nil), network.NewManager(appdb), appdb, mediaServer, nil)
+		tokenManager := token.NewTokenManager(db, client, community.NewManager(appdb, nil, nil), network.NewManager(appdb), appdb, mediaServer, nil, nil, nil)
 		tokenManager.SetTokens([]*token.Token{
 			{
 				Address:  tokenTXXAddress,
@@ -1182,7 +1182,7 @@ func TestFetchTransfersForLoadedBlocks(t *testing.T) {
 
 	client, _ := statusRpc.NewClient(nil, 1, params.UpstreamRPCConfig{Enabled: false, URL: ""}, []params.Network{}, db)
 	client.SetClient(tc.NetworkID(), tc)
-	tokenManager := token.NewTokenManager(db, client, community.NewManager(appdb, nil, nil), network.NewManager(appdb), appdb, mediaServer, nil)
+	tokenManager := token.NewTokenManager(db, client, community.NewManager(appdb, nil, nil), network.NewManager(appdb), appdb, mediaServer, nil, nil, nil)
 
 	tokenManager.SetTokens([]*token.Token{
 		{
@@ -1303,7 +1303,7 @@ func TestFetchNewBlocksCommand_findBlocksWithEthTransfers(t *testing.T) {
 
 		client, _ := statusRpc.NewClient(nil, 1, params.UpstreamRPCConfig{Enabled: false, URL: ""}, []params.Network{}, db)
 		client.SetClient(tc.NetworkID(), tc)
-		tokenManager := token.NewTokenManager(db, client, community.NewManager(appdb, nil, nil), network.NewManager(appdb), appdb, mediaServer, nil)
+		tokenManager := token.NewTokenManager(db, client, community.NewManager(appdb, nil, nil), network.NewManager(appdb), appdb, mediaServer, nil, nil, nil)
 
 		tokenManager.SetTokens([]*token.Token{
 			{
@@ -1385,7 +1385,7 @@ func TestFetchNewBlocksCommand_nonceDetection(t *testing.T) {
 
 	client, _ := statusRpc.NewClient(nil, 1, params.UpstreamRPCConfig{Enabled: false, URL: ""}, []params.Network{}, db)
 	client.SetClient(tc.NetworkID(), tc)
-	tokenManager := token.NewTokenManager(db, client, community.NewManager(appdb, nil, nil), network.NewManager(appdb), appdb, mediaServer, nil)
+	tokenManager := token.NewTokenManager(db, client, community.NewManager(appdb, nil, nil), network.NewManager(appdb), appdb, mediaServer, nil, nil, nil)
 
 	wdb := NewDB(db)
 	blockChannel := make(chan []*DBHeader, 10)
@@ -1502,7 +1502,7 @@ func TestFetchNewBlocksCommand(t *testing.T) {
 	client, _ := statusRpc.NewClient(nil, 1, params.UpstreamRPCConfig{Enabled: false, URL: ""}, []params.Network{}, db)
 	client.SetClient(tc.NetworkID(), tc)
 
-	tokenManager := token.NewTokenManager(db, client, community.NewManager(appdb, nil, nil), network.NewManager(appdb), appdb, mediaServer, nil)
+	tokenManager := token.NewTokenManager(db, client, community.NewManager(appdb, nil, nil), network.NewManager(appdb), appdb, mediaServer, nil, nil, nil)
 
 	tokenManager.SetTokens([]*token.Token{
 		{