Gemini to exit UK, EU, and Australia crypto markets

Gemini, a crypto exchange founded by the Winklevoss twins, has announced its decision to shut its services in the UK, EU, and Australia.

The company will provide users with a limited period to discontinue using the service, following which the account accessibility will cease to function. As early as March 5, 2026, user accounts in those markets will go into withdrawal mode, which will bar users from any new activity, trading, buying, or the like. The end date for account closure has been fixed for April 6, 2026.

Gemini has partnered with eToro as a transition route for its customers

Gemini has advised users to cancel recurring purchases, avoid new deposits, and begin unstaking any staked crypto immediately to avoid delays. Customers with open perpetual futures positions must close them before the withdrawal-only phase begins, or risk having their positions force-closed at market prices.

The exchange has urged customers to act quickly, warning that account verification, bank linking, and withdrawal address approvals can take time. In some cases, adding a new crypto withdrawal address may take up to 7 days to be approved, while unresolved account reviews may limit the ability to withdraw funds before closure.

Gemini also encouraged customers to download transaction histories and statements before their accounts are shut down because access will be removed after closure. Referral and promotional programmes have already been discontinued in the affected regions.

The company emphasized that funds provided for payment services are safeguarded under UK and EU e-money rules. However, they are not covered by deposit protection schemes such as the FSCS.

To help customers move funds, Gemini has partnered with social trading platform eToro, offering a transition route and sign-up incentives for some users who transfer assets. However, customers remain free to move funds to any exchange or withdraw crypto to a self-custody wallet and fiat to a bank account.

Market watchers suggest the move is due to Gemini receiving regulatory approval in the United States to enter the prediction markets space. The company is focusing on US prediction markets amid dwindling crypto interest in the UK, as the Bitcoin price fell below the 70k threshold. 

Since launching in mid-December, Gemini Predictions has attracted over 10,000 users and more than $24 million in trading volume.

The move follows Gemini’s confirmation that it will shut down its NFT marketplace Nifty Gateway on February 23, following a prolonged decline in NFT trading volumes. As reported by Cryptopolitan, users were instructed to withdraw their assets before the shutdown, though NFT support will continue through Gemini Wallet.

Gemini plans to lay off 25% of its total global workforce

In an effort to become profitable, the restructuring is expected to include a reduction of up to 200 employees globally. This includes staffers in Europe, the US, and Singapore, representing about 25% of Gemini’s global workforce.

In its “Gemini 2.0” update, the company emphasized that smaller, AI-augmented teams are now more effective and aligned with its evolving mission. According to a US Securities and Exchange Commission (SEC) filing, the plan should be substantially completed in the first half of the year. 

The company estimated that it will incur pre-tax restructuring and related charges of $11 million, substantially all of which are anticipated to result in cash expenditures. Most of the charges will be recognized in Q1 2026, it said. However, the timing of the changes, as well as the expected charges and expenditures, depends on local law and consultation requirements in various jurisdictions.

Gemini reported a GAAP net loss of $159.5 million in Q3 2025, or $6.67 per share, as its expenses grew more quickly than its revenues. GEMI shares fell 5.9% in the morning trading session as a result of a drop in risk assets, including cryptocurrencies.

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