Gemini Payments UK Ltd and Gemini Intergalactic UK Ltd Exit the UK Market

WHY THIS MATTERS:

The UK crypto market is entering a transitionary period where regulatory direction is clear, but full oversight is still some distance away. As firms reassess the cost and complexity of operating under evolving compliance expectations, exits like this underline the pressure facing crypto providers that straddle regulated payments and unregulated cryptoasset activity. The distinction between FCA-authorised e-money services and largely unregulated crypto products remains a source of consumer confusion—and operational risk for firms. With comprehensive crypto regulation not expected until 2027, the UK is effectively in a holding pattern where some players are choosing to pause or retreat rather than absorb interim uncertainty. This moment highlights the growing importance of regulatory clarity in shaping where crypto businesses choose to compete.

Gemini Payments UK, Ltd (GPUK) is authorised by the FCA to issue electronic money (e-money) and provide payment services.

Gemini Intergalactic UK, Ltd (GIUK) offers cryptoasset products. These activities are not regulated by the FCA, although we oversee compliance in accordance with UK anti-money laundering regulations.  

On 5 February 2026, GPUK and GIUK confirmed they plan to exit the UK market.  

Effective 6 April 2026, Gemini will close all customer accounts in the UK, in a phased wind-down exercise.  

Until 4 March 2026, customers can continue using their accounts without disruption.  

From 5 March 2026, all customer accounts will be placed in ‘withdrawal-only’ mode. 

We recommend GPUK and GIUK customers read the support article published by Gemini for detailed guidance and frequently asked questions.  

If you have a complaint about GPUK, consider making a complaint to the Financial Ombudsman Service (FOS).  

As cryptoasset activities are not regulated, they are not covered by the Financial Services Compensation Scheme (FSCS), and you cannot refer complaints to the FOS.  

Cryptoassets will come under FCA regulation in October 2027. We want to develop a competitive and sustainable cryptoasset sector. We have recently consulted on proposed rules and guidance aimed at effectively promoting market integrity, protecting consumers, and supporting innovation and competition in the UK cryptoasset sector.

FF NEWS TAKE:

This exit is less about demand and more about timing and regulatory economics. As the UK works toward a full crypto regime, the market may see further consolidation or withdrawals. The key question now is whether upcoming FCA rules strike the right balance to attract global players back once regulation is fully in force.