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

Why It Matters

The shutdown removes a major crypto‑friendly payment provider from the UK, highlighting regulatory gaps and prompting users to seek safeguarded alternatives. It also underscores the pending FCA framework that could reshape the domestic crypto market.

Key Takeaways

• Gemini closes UK accounts by April 6, 2026.
• Withdrawal‑only mode starts March 5, 2026.
• FSCS does not protect crypto‑asset funds.
• FCA may regulate crypto assets from Oct 2027.
• Complaints about crypto arm not covered by FOS.

Pulse Analysis

Gemini's decision to wind down its UK operations marks a significant shift for both traditional e‑money users and crypto‑asset holders. While the e‑money subsidiary, authorised by the FCA, will continue safeguarding obligations until the final closure, the crypto arm operates outside the regulator’s protective net. Customers are left with a narrow window to withdraw funds, and the lack of FSCS coverage means any residual balances carry heightened risk. This abrupt exit forces users to reassess their exposure and consider more regulated platforms for future transactions.

The broader UK landscape is poised for change as the FCA moves toward formal crypto‑asset regulation slated for October 2027. The forthcoming rules aim to bolster market integrity, enhance consumer protection, and foster competition among crypto service providers. Industry observers see this as a catalyst for consolidation, where firms with robust compliance frameworks will gain a competitive edge. Gemini’s retreat may accelerate the migration of crypto liquidity to entities that can demonstrate clear safeguarding and AML compliance, thereby reshaping the ecosystem ahead of the regulatory rollout.

For affected customers, the immediate priority is to initiate withdrawals before the March 5 deadline and to avoid third‑party recovery schemes that often add little value. Financial advisers recommend diversifying holdings across FCA‑regulated e‑money institutions and emerging crypto custodians that meet anticipated standards. As the UK prepares for a more structured crypto regime, market participants who align early with the new compliance expectations are likely to capture trust and market share, while those lagging may face heightened scrutiny or exclusion.

Gemini Payments UK Ltd and Gemini Intergalactic UK Ltd exit the UK market

Gemini to close all UK customer accounts from 6 April 2026

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 crypto‑asset products. These activities are not regulated by the FCA, although the FCA oversees compliance 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.

Customers are advised to read the support article published by Gemini for detailed guidance and frequently asked questions.

If you have a complaint about GPUK, you may contact the Financial Ombudsman Service (FOS). Because crypto‑asset activities are not regulated, they are not covered by the Financial Services Compensation Scheme (FSCS), and complaints about GIUK cannot be referred to the FOS.

Crypto‑assets are expected to come under FCA regulation in October 2027. The FCA is consulting on rules and guidance aimed at promoting market integrity, protecting consumers, and supporting innovation and competition in the UK crypto‑asset sector.

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Support for customers

Are my funds protected by the Financial Services Compensation Scheme (FSCS)?

No. The FSCS only applies to certain types of activity and does not cover e‑money issuance, payment services, or crypto‑assets. Regulated payment‑service and e‑money firms must comply with safeguarding requirements. (See the Electronic Money Regulations 2011.)

Will the Financial Ombudsman Service (FOS) consider a complaint against GPUK or GIUK?

The FOS may consider a complaint about GPUK, as the e‑money institution, but it has the final decision on whether to take a specific complaint. The FOS cannot consider a complaint about GIUK.

What is safeguarding?

Safeguarding protects customer funds if a firm fails. All payment‑service and e‑money firms must have safeguarding arrangements in place. As an e‑money firm, GPUK must have such arrangements.

Are crypto‑assets safeguarded?

No. Crypto‑asset activities are not regulated, and GIUK does not have to safeguard funds or assets related to unregulated activities. Consequently, there is no guarantee that crypto‑asset customers will receive any or all of their funds or assets back. Gemini’s support article and FAQs provide further information on the exit and available options.

Is the FCA overseeing GPUK and GIUK’s exit from the UK market?

Not directly. While the wind‑down is in progress, GPUK remains authorised by the FCA and GIUK remains registered with the FCA under anti‑money‑laundering regulations. The FCA will continue to work with both firms until the cancellation of permissions and registration is finalised.

Do I need to use a third party to get my money back?

If approached by a company offering to help you recover your money, proceed with caution. For most clients, involving a third party offers no benefit in making a claim.