Content
The UK’s Financial Conduct Authority says Gemini Payments UK Ltd (GPUK) and Gemini Intergalactic UK Ltd (GIUK) have confirmed plans to exit the UK market, with Gemini set to close all UK customer accounts from 6 April 2026 in a phased wind-down. The FCA published the notice on 6 February 2026.
The regulator draws a clear line between the two entities: GPUK is FCA-authorised to issue e-money and provide payment services, while GIUK offers cryptoasset products that are not regulated by the FCA (though the FCA oversees GIUK’s compliance under UK anti-money laundering rules).
The timeline UK customers should know
The FCA sets out a phased exit with three key dates:
- Until 4 March 2026: customers can continue using accounts “without disruption.”
- From 5 March 2026: all customer accounts will be placed in “withdrawal-only” mode.
- From 6 April 2026: Gemini will close all UK customer accounts.
The FCA points customers to a Gemini support article with detailed guidance and FAQs.
What protections apply — and what don’t
A big part of the FCA’s message is about consumer protections, and the distinction between regulated payment services and unregulated cryptoasset activity.
- The FCA says the Financial Services Compensation Scheme (FSCS) does not apply to e-money issuance/payment services — and does not apply to cryptoassets either.
- It notes that regulated payment services and e-money firms must follow rules for protecting customer money, known as “safeguarding.” GPUK, as an e-money firm, must have safeguarding arrangements.
- For cryptoassets, the FCA is blunt: cryptoasset activities are not regulated, and GIUK does not have to safeguard funds/assets related to unregulated activities — meaning there is no guarantee customers will receive all or any of their funds/assets back.
On complaints, the FCA says customers may be able to complain to the Financial Ombudsman Service (FOS) about GPUK, but not about GIUK.
Is the FCA overseeing the wind-down?
Not directly, the FCA says — but it adds that during the wind-down, GPUK remains FCA-authorised and GIUK remains registered under anti-money laundering regulations, and the regulator will keep working with both firms until the cancellation of permissions/registration is finalised.
The FCA also notes that cryptoassets are expected to come under FCA regulation in October 2027, and says it has recently consulted on proposed rules and guidance aimed at market integrity, consumer protection, and innovation/competition in the UK crypto sector.
Why it matters for crypto
- Another major exchange is stepping back from the UK consumer market. The FCA frames this as a full exit by the two UK Gemini entities, with a defined shutdown timetable.
- The regulated/unregulated split is still a real consumer risk boundary. The FCA explicitly contrasts safeguarded e-money activity (GPUK) with unregulated cryptoasset activity (GIUK), including different routes for complaints and protections.
- UK crypto regulation is still in transition. The FCA again emphasizes that cryptoasset activities are currently not regulated (beyond specific areas), with broader FCA regulation referenced for October 2027.
What to watch next
- March 5, 2026: the shift to withdrawal-only mode for UK customer accounts.
- April 6, 2026: the date the FCA says Gemini will close all UK customer accounts.
- Customer support updates from Gemini: the FCA directs users to Gemini’s support article and FAQs for the most detailed instructions.
- How other UK-facing crypto firms position themselves ahead of the FCA’s longer-run crypto regime, which the FCA references as coming into force in October 2027.
Source: Financial Conduct Authority (FCA) — “Gemini Payments UK Ltd and Gemini Intergalactic UK Ltd exit the UK market”