Gemini will cease offering trading and deposit services to clients in the UK, the European Union, and Australia from March 5th, and will close affected accounts on April 6th. In an effort to cut costs, only withdrawals will be available, and the company will focus entirely on the US market.
Gemini has defined two key dates for the transition: Starting March 5, affected accounts will be switched to “withdrawals only” mode. This means that trading, new deposits, and account creation will be disabled. Users who need to convert crypto to fiat must do so before that date. Additionally, on April 6, all accounts in the affected regions will be closed, and access to transaction histories will be removed, so all crypto and fiat withdrawals must be completed beforehand.
To avoid forced results or delays, Gemini urged customers to act proactively. Recommendations include immediately initiating the unstaking process, closing perpetual positions before March 5 to avoid automatic liquidations, verifying withdrawal addresses, and downloading transaction records required for tax and personal records before access is revoked.
While the company offered operational guidance and an option to transfer to a third-party partner, it clarified that customers retain full freedom to move their assets to any other platform or to self-custody.
Gemini’s regulatory and strategic keys
From the company’s perspective, the exits are a response to stricter regulatory frameworks in the affected jurisdictions. In particular, Gemini pointed to the UK’s move from a provisional registration regime to full authorization under the Financial Services and Markets Act (FSMA), which imposes greater requirements for governance, operational resilience, and senior management accountability. These changes significantly increase compliance costs for cross-border operations.
The retrenchment is also supported by market considerations and internal efficiency. Gemini cited a broader weakness in the environment and the need to reduce expenses, while redirecting resources toward the US market and AI-driven initiatives. The strategy was presented as a realignment aimed at improving operational efficiency and limiting international exposure.
On the operational front, the company will offer fee-free withdrawals to bank accounts in the UK and the European Union, while US dollar bank transfers will be subject to a $25 fee. Additionally, a partnership has been established with a third-party exchange that will facilitate onboarding and offer incentives to customers who choose to migrate, although there is no obligation to use this partner.
The restructuring includes a reduction of approximately 200 employees, roughly 25% of the staff, directly linked to the market exit plan. Looking ahead, the defined timelines concentrate the operational risk for affected users and create narrow windows for an orderly exit.
