What Gemini Users Need to Know About the Two-Year Wind-Down
After nearly ten years of serving British customers, Gemini is pulling out of the U.K. market. The exchange sent out notices this week confirming that all U.K. accounts will switch to withdrawal-only mode on March 5, 2026, with a complete shutdown following on April 6. Once that date hits, users won’t be able to trade, deposit funds, stake tokens, or set up recurring purchases. The only options will be to cash out, move assets into self-custody, or transfer everything to eToro, Gemini’s designated partner for the transition.
Two years might sound like plenty of time, but anyone who’s watched a major exchange wind down knows it rarely goes smoothly. There are identity verification refreshes to deal with, forgotten wallets to recover, and disputed balances that can drag on for weeks. Gemini is already warning users to start unstaking their tokens now, cancel any standing orders, and double-check withdrawal addresses well before next spring’s deadline. They’re also reminding everyone that their staff will never ask for private keys or verification codes over the phone—a warning that’s especially important given the phishing attacks that inevitably follow these kinds of announcements.
For regular crypto holders, this is mostly about logistics: figure out whether you want to convert to cash through Gemini before the cutoff or move your digital assets somewhere else. But zoom out a bit, and you’ll see this is more than just one exchange leaving one market. It’s a strategic retreat that says a lot about what it costs to operate in the U.K.’s new regulatory environment.
Why Britain’s New Rules Are Pushing Exchanges Out
The reason Gemini is leaving isn’t that the U.K. market is too small—London is still one of the world’s top financial centers. The problem is regulation. Specifically, the country’s shift from a temporary registration system to full authorization under the Financial Services and Markets Act, or FSMA. The old registration framework from 2020 was relatively light touch. FSMA is anything but.
Under FSMA, crypto exchanges have to open their books in ways they never did before. Regulators want detailed looks at governance, capital reserves, operational resilience, and personal accountability from senior managers. Directors can be held personally liable if things go wrong, and firms need to show they’re monitoring risk in real time, not just once a year during an audit. Industry insiders compare it to swapping a learner’s permit for a commercial pilot’s license—the scrutiny goes up tenfold, and ongoing oversight becomes a permanent part of doing business.
From that angle, Gemini’s decision makes sense. The U.K. isn’t trying to ban crypto; it’s trying to hold exchanges to the same standards as traditional banks and brokers. Policymakers want to avoid another FTX-style meltdown on their watch, which is understandable. But that approach puts global exchanges in a tough spot: either invest heavily in compliance infrastructure for one jurisdiction, or redirect those resources to markets with lighter regulatory burdens. For many platforms, especially mid-sized ones, the math just doesn’t work anymore.
A Pattern Emerging Across Europe and Beyond
Gemini’s U.K. exit isn’t happening in isolation. The company is also winding down operations in the European Union and Australia, which points to a broader strategic shift. In the EU, the new Markets in Crypto-Assets regulation—known as MiCA—is rolling out with strict disclosure requirements, reserve mandates, and caps on stablecoins that favor well-funded incumbents. Australia is finalizing similar licensing rules based on traditional financial market infrastructure. Both regions are becoming harder to operate in unless you have deep pockets and a big compliance team.
By pulling back from multiple jurisdictions at once, Gemini is essentially saying it plans to focus on markets where the regulatory path is clearer and the economics make more sense—primarily North America and certain parts of Asia. Analysts expect other mid-tier exchanges to follow the same playbook, which could lead to a split in the industry: a handful of giant platforms with the resources to meet tough regulatory standards, and a cluster of smaller, region-specific exchanges looking for regulatory arbitrage.
What Users Should Do Before March 2026
If you’re a Gemini user in the U.K., now is the time to start planning your exit. Make sure your identity documents are current—accounts with outdated or incomplete KYC information might get locked earlier than expected. Start unwinding any staking positions and cancel recurring buy orders well before March 5, 2026, because those features will vanish on that date. Test small withdrawals to your preferred wallet first to make sure you’ve got the right address—better to catch a mistake with a few pounds than your entire portfolio.
Be careful about scams. Only trust communications coming directly from Gemini’s official channels, and ignore any unsolicited phone calls or texts offering to help with the transfer. If you’re thinking about using eToro as your off-ramp, take some time to review their fee structure and check which assets they support. And whatever you do, don’t wait until the last minute. Acting early means you’ll avoid both the stress and the spike in network fees that always comes during the final rush.
