TL;DR
- Gemini said it will end UK operations on April 6, 2026 and switch accounts to withdrawal-only on March 5, stopping trading and deposits.
- Customers must liquidate crypto into fiat before March 5 and finish crypto and fiat withdrawals by April 6, plus cancel orders and unstake.
- Gemini offered an eToro offboarding option and tied the exit to formal authorization under FSMA, as it narrows focus to the U.S. and Singapore.
Gemini told customers its UK operations will end on April 6, 2026, and all UK accounts will move into withdrawal-only mode from March 5, 2026. The announcement reframes the UK as a market where operational certainty now matters more than growth. The exchange advised users to transfer assets to an external wallet or offboard through a partner platform ahead of the deadlines. From March 5, customers will no longer be able to trade or make new deposits, and anyone wanting to liquidate crypto into fiat must do so before that date for UK customers.
Withdrawal-only shift and pressures
The timeline then narrows to withdrawals only, with all crypto and fiat withdrawals required to be completed by April 6. Gemini is sequencing the shutdown to reduce open exposure while giving customers a clear runway. It urged users to cancel recurring orders and begin unstaking any staked assets ahead of the closure, so positions are not stranded. Gemini also warned customers to remain vigilant against potential scams, saying representatives will not contact users directly by phone or text during the transition or request credentials. The company stressed the process is time-bound and strictly procedural.
To streamline offboarding, Gemini said it has partnered with eToro, offering customers the option to open an account there to assist with transferring assets. The partner route is positioned as a practical bridge for users who prefer platform-to-platform migration. Separately, Reuters reported Gemini approved a plan to cut up to 200 jobs globally and narrow operations to the U.S. and Singapore as part of broader cost cutting. The layoffs were described as affecting roughly a quarter of the workforce across Europe, the U.S. and Singapore. Gemini framed the steps as support for customer offboarding.
The notice places the exit against the UK’s policy shift from an interim crypto registration regime into full authorization under the Financial Services and Markets Act. A more selective regime is raising expectations on governance, operational resilience, and senior management accountability. The article says deeper scrutiny and ongoing supervisory engagement have pushed several global crypto firms to reassess their UK footprint. An industry observer framed the broader question as what participation looks like once full authorization replaces registration and oversight becomes continuous. For firms the calculus hinges on whether the market justifies oversight exposure.
