diff --git a/src/util/taler-exchange-secmod-eddsa.c b/src/util/taler-exchange-secmod-eddsa.c
index 7e25ac7e1..e2a71e6a9 100644
--- a/src/util/taler-exchange-secmod-eddsa.c
+++ b/src/util/taler-exchange-secmod-eddsa.c
@@ -1024,6 +1024,8 @@ create_key (void)
 static struct GNUNET_TIME_Absolute
 key_action_time (void)
 {
+  if (NULL == keys_head)
+    return GNUNET_TIME_UNIT_ZERO_ABS;
   return GNUNET_TIME_absolute_min (
     GNUNET_TIME_absolute_add (keys_head->anchor,
                               duration),