Gemini to Exit UK, EU, Aus Market, Shifts Accounts to Withdrawal-Only From March 5

Core Insights - Gemini is ceasing operations in the UK, Europe, and Australia due to a stricter regulatory environment for digital asset firms, with UK operations ending on April 6, 2026 [1] - The company is implementing a transition plan where UK customer accounts will enter withdrawal-only mode starting March 5, 2026 [3] Group 1: Operational Changes - Customers are advised to transfer assets to an external wallet or offboard via a partner platform before the deadline [2] - After March 5, customers will not be able to trade or make new deposits, and all crypto and fiat withdrawals must be completed by April 6 [3] - Gemini has partnered with eToro to assist customers in transferring assets and has urged users to cancel recurring orders and unstake any staked assets [4] Group 2: Workforce and Cost-Cutting Measures - Gemini plans to cut up to 200 jobs globally, affecting about a quarter of its workforce, as part of a broader cost-cutting strategy [5] Group 3: Regulatory Environment - The exit from the UK market coincides with the transition from an interim crypto registration regime to full authorization under the Financial Services and Markets Act (FSMA), which imposes stricter governance and operational requirements [6] - The new regulatory framework introduces deeper scrutiny and ongoing supervisory engagement, prompting many global crypto firms to reassess their presence in the UK [7] - The decision to exit raises questions about the future participation of firms in the UK market under the new regulatory regime [8]