Gemini exits United Kingdom, European Union and Australia to refocus business

In a strategy update published on 5 February 2026, Gemini said expansion across multiple jurisdictions had left the company “stretched thin,” with higher costs and organisational complexity, and described several overseas markets as hard to win. The retrenchment comes as the UK is still building a full crypto regime beyond its current anti-money-laundering registration and financial promotions restrictions. More on platform’s broader strategic positioning in our Gemini review.

Susie Violet Ward, chief executive of Bitcoin Policy UK, argued that drawn-out rulemaking, overlapping regimes and high compliance costs relative to market size make it harder for firms to commit capital, hire and scale. She described the current framework as a patchwork that leaves companies operating in transition while the complete rulebook remains years away, and said bank account closures and refusals remain a recurring problem for crypto firms.

Laura Navaratnam, head of UK policy at the Crypto Council for Innovation, said Gemini’s exit is a setback for officials trying to finalise the regime before a formal authorisation process begins. Under draft plans, UK-facing crypto firms would need to apply for full Financial Conduct Authority authorisation during a five-month gateway window running from 30 September 2026 to 28 February 2027, before a prudential regime is scheduled to take effect on 25 October 2027. Navaratnam also flagged unresolved questions around how the FCA’s stablecoin rules will interact with the Bank of England’s framework for systemic firms, warning that misalignment could create a cliff edge for companies moving between regimes.

Asher Tan, chief executive of exchange CoinJar, said the shift from an AML-registration model to full authorisation under the Financial Services and Markets Act materially increases the operational burden for exchanges serving UK customers. The FCA is consulting on CP25/42, which would extend capital and liquidity requirements to crypto trading platforms, staking and dealing activities, with the consultation scheduled to close on 12 February 2026. Gemini declined to comment on its UK departure.