Cryptocurrency exchange Gemini has announced a major strategic retrenchment, exiting the United Kingdom, the European Union, and Australia while cutting approximately 200 jobs, or 25% of its global workforce. The company will cease operations in these jurisdictions, shifting all affected customer accounts to withdrawal-only mode on March 5, 2026, with a full account closure deadline of April 6, 2026.
In a notice to customers, Gemini detailed the offboarding process. After March 5, users in the UK, EU, and Australia will no longer be able to trade or make new deposits. They must liquidate crypto holdings into fiat or transfer assets to an external wallet before that date. The exchange has partnered with eToro to assist customers with asset transfers. Gemini warned that it may force-close any open perpetual positions at the prevailing market price once accounts enter withdrawal-only mode and highlighted potential offboarding friction, including a 7-day approval cycle for new withdrawal addresses for some users.
The exit is driven by a combination of regulatory pressure and market challenges. In the UK, the move coincides with the country's transition from an interim crypto registration regime to full authorization under the Financial Services and Markets Act (FSMA), which imposes stricter requirements on governance and operational resilience. Gemini's co-founders, Tyler and Cameron Winklevoss, stated in a blog post that "these foreign markets have proven hard to win in" and that operating in them created organizational complexity that increased costs and slowed operations.
According to an SEC filing, Gemini expects the wind-down plan to be completed in the first half of 2026 and will book approximately $11 million in pre-tax restructuring charges, with most recognized in Q1 2026. The company will continue to operate in the United States and Singapore. Following the announcement, shares of Gemini Space Station Inc. (GEMI) fell by 7%.
