Cryptocurrency exchange Gemini has announced it will cease operations in the United Kingdom, the European Union, and Australia, choosing instead to focus its resources on the United States and Singapore. The decision was announced in a business strategy update on February 5, 2026.
The strategic withdrawal follows an internal review which found that operating across multiple foreign markets had left the company "stretched thin," adding significant complexity and driving up compliance costs. As part of this efficiency drive, Gemini has also reduced its global workforce by approximately 25%.
The exit process will be phased, beginning with the UK. Starting March 5, 2026, UK customers will only be able to withdraw funds from their accounts. All UK accounts will be permanently closed on April 6, 2026. The company's UK affiliates, Gemini Intergalactic UK and Gemini Payments UK, will be wound down.
Gemini's departure has reignited debate about the competitiveness of the UK's regulatory environment, despite the country's stated ambition to become a global crypto hub—an objective first outlined by former Chancellor Rishi Sunak in 2022. The exit is seen as particularly significant because Gemini was among the first exchanges to secure registration with the UK's Financial Conduct Authority (FCA) back in 2020.
Industry experts point to several key deterrents in the UK. Susie Violet Ward, CEO of Bitcoin Policy UK, cited slow rulemaking, overlapping regulatory regimes, and compliance costs that are disproportionately high relative to the market size. She described the current system as a "patchwork" of Anti-Money Laundering registration, strict financial promotions rules, and interim guidance, with a full regulatory framework still "years away."
Further concerns stem from unresolved regulatory details. Laura Navaratnam, head of UK policy at the Crypto Council for Innovation, highlighted uncertainty around how the FCA's upcoming stablecoin rules will interact with the Bank of England's systemic oversight framework. She warned that conflicting requirements could create a "cliff edge" for companies transitioning between regimes, potentially prompting further exits.
CoinJar CEO Asher Tan noted that the UK's shift from a limited AML registration model to full Financial Services and Markets Act authorization is "materially raising the operational lift" for platforms, forcing many to reassess the viability of serving the UK market.
The UK's proposed regulatory timeline sees the FCA's gateway for full authorization opening in September 2026, with a new prudential regime—including capital and liquidity requirements for trading, staking, and dealing—set for consultation and phased implementation through 2027.
Gemini's retrenchment reflects a broader trend of crypto firms narrowing their geographic focus amid rising regulatory complexity and costs. The move underscores a growing divide between jurisdictions offering clear, actionable frameworks and those still in regulatory transition, posing a significant challenge to the UK's crypto hub aspirations.
