Crypto Exchange Gemini to Cease UK Services By April 2026

Cryptocurrency exchange Gemini is exiting the United Kingdom, the European Economic Area, and Australia. It will close all affected customer accounts by April 6, 2026. The exchange urged customers to withdraw their digital assets and fiat holdings by the deadline to avoid complications after the closure. 

To assist with this process, Gemini has partnered with eToro to facilitate asset transfers and provide guidance on safeguarding funds under regional e-money regulations. The decision highlights broader challenges in the crypto industry, including regulatory pressures and declining interest in certain regions.

Closure Timeline 

Gemini has begun a phased wind-down, which started immediately with restrictions on new accounts and promotions for users in the affected regions in preparation for its shutdown. Starting today, accounts will transition to withdrawal-only mode, meaning trading, deposits, and activities like opening perpetual positions will cease. 

Full account closures are scheduled for April 6, 2026, after which any remaining assets may encounter complications despite existing safeguards. Users must take action to sell their assets, unstake cryptocurrencies, and cancel any recurring orders before the withdrawal phase kicks in.

To prevent any delays during the withdrawal period, the exchange has urged customers to quickly complete any pending verifications. According to the exchange, unresolved account reviews may restrict users’ ability to withdraw funds. Furthermore, Gemini has stressed the importance of downloading transaction histories and statements before access is terminated following account closure. 

Additionally, the company announced plans to reduce its workforce. According to a blog post by the Winklevoss twins, the founders of Gemini, the company will cut down its staff by 25%.

Shifting Regulatory Requirements 

Gemini’s decision to exit the UK market was largely influenced by recent regulatory changes, including the approval of prediction markets in the US. The approval has shifted its focus back to domestic opportunities. The declining interest in cryptocurrency in the UK has further accelerated this move away from international markets. 

Additionally, the EU’s MiCA regulation mandates updates for certain tokens, leading to liquidation of assets such as BUSD and USDT. Affected tokens will need to be either withdrawn or converted. Any remaining balances will likely be automatically converted to Euros at potentially reduced rates. 

Meanwhile, Gemini’s recent exit decision mirrors a similar move in 2024. The exchange exited Canada, shutting down all Canadian user accounts. The recent development reflects a broader trend in the crypto industry. Within the past few months, crypto companies are adapting to shifting regulatory landscapes and reallocating resources.

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