Gemini to Exit UK, EU, and Australia, Accounts Shift to Withdrawals

TLDR

• Gemini will stop operations in the United Kingdom, European Union, and Australia by April 6, 2026.
• All affected customer accounts will enter withdrawal-only mode starting on March 5, 2026.
• Users must withdraw all crypto and fiat funds before Gemini closes the accounts on April 6.
• Gemini has partnered with eToro to support asset transfers during the offboarding period.
• Customers must close all perpetual positions and unstake assets before March 5 to avoid forced liquidation.

Gemini has confirmed it will cease operations in the United Kingdom, European Union, and Australia by April 2026. Customers in these regions will be placed into withdrawal-only mode beginning March 5, 2026, and must complete all withdrawals by April 6. The decision aligns with tighter digital asset regulations under the Financial Services and Markets Act in the UK.

Gemini to Close UK, EU, and Australian Operations by April

Gemini announced a full shutdown of its services in the UK, EU, and Australia, effective April 6, 2026. The exchange will begin disabling deposits and trading features on March 5, moving all affected accounts into withdrawal-only mode. Users are required to withdraw funds or migrate assets before the final closure date.

The company advised users to close all open perpetual positions before March 5 to avoid forced liquidation. Gemini stated it may close any open positions at the prevailing market rate after the withdrawal-only period begins. Users are also urged to cancel recurring purchases and start unstaking assets now.

Gemini partnered with eToro to facilitate account transfers during the offboarding period. The exchange emphasized the importance of using approved methods and warned against scams. “Gemini representatives will never contact users by phone or text during this transition,” the firm stated.

Transition Plan Outlined in Customer Notice

Gemini’s customer support notice outlined clear timelines for the wind-down in affected regions. Accounts in the UK, EU, and Australia will lose access to trading and deposits after March 5. All accounts will be closed entirely on April 6, 2026.

The platform highlighted a seven-day approval window for new withdrawal addresses, which could delay fund access. Gemini also cited wallet attestation requirements under the Travel Rule for EU-based customers. These conditions must be met before the March deadline.

The exchange confirmed customers can liquidate crypto into fiat before March 5, but fiat must also be withdrawn by April 6. Failing to act within the given period may result in fund inaccessibility. Gemini has directed users to act promptly and ensure withdrawal instructions are complete.

Gemini Restructures Workforce and Cuts Global Headcount

Gemini Space Station Inc. announced a workforce reduction of 25%, impacting about 200 global positions. The decision comes alongside its plan to exit three international markets due to operational challenges. The company confirmed this through a statement on February 5, 2026.

In an SEC filing, Gemini disclosed it expects to incur $11 million in pre-tax restructuring charges during the first quarter. It projects the wind-down process will be completed within the first half of 2026. Gemini said these changes aim to streamline its operational structure.

“We find ourselves stretched thin with complexity that drives up costs and slows us down,” the Winklevoss twins wrote. They acknowledged that foreign markets have been hard to compete in effectively. As a result, the company is shifting its focus to core regions.

Gemini will continue operations in the United States and Singapore. The company said it plans to focus on jurisdictions that align with its compliance strategy. All users outside those markets are advised to complete account actions before April deadlines.

As of February 5, Gemini’s shares (GEMI) fell 7% following the announcement. The decline reflects investor response to its downsizing and exit strategy. Market participants are monitoring developments as the wind-down process begins.

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