Gemini Shuts Down UK and EU Operations by April 2026

Gemini’s pulling out completely. The crypto exchange told customers in the UK, European Economic Area, and Australia they’ve got until April 6, 2026 to move their money somewhere else.

The company made a deal with eToro to help users jump ship, but that’s pretty much optional. Starting March 5, 2026, accounts go into withdrawal-only mode, which means no more trading or deposits. Gemini basically said “figure it out” and warned people to stop making new deposits right now. They also want users to unstake any locked assets before the deadline hits. Cameron Winklevoss, who runs the show there, said their main goal is making sure customers don’t get screwed during the transition. But the whole thing seems rushed, and lots of details remain murky about what happens if people miss the deadline.

Not really much choice here.

eToro’s the suggested landing spot, and they’ve got over 150 different cryptocurrencies plus stocks from 20 exchanges around the world. The platform offers something called Smart Portfolios – basically 100 pre-made investment bundles – and lets users copy what other traders are doing. More than 4,000 investors are available to copy, which sounds pretty wild. eToro CEO Yoni Assia said they’re ready to handle the influx: “We’re committed to providing a robust platform for Gemini’s customers, ensuring they have access to a wide array of financial instruments.” The timing worked out because eToro just got regulatory approval from Cyprus Securities Exchange Commission under the EU’s Markets in Crypto-Assets Regulation.

Gemini won’t take responsibility for what happens to assets once they leave the platform. That’s standard legal stuff, but it puts all the risk on users who have to research new exchanges themselves. The company set up some signup bonuses for people who pick eToro, though they didn’t say how much.

Tyler Winklevoss, Gemini’s CEO, hasn’t spilled details about future plans for these regions. He just said more announcements are coming later. The whole move fits with Gemini’s strategy to focus on markets where regulations are clearer and growth looks better. Last year they already pulled out of several smaller markets for similar reasons.

Things get messy fast. Users started complaining on social media February 3, 2026, asking for more clarity about the transition process. Gemini promised to answer questions through customer service, but many people still don’t know what to expect. The company said they can’t assume responsibility for transfers, which basically means users are on their own if something goes wrong.

eToro’s user base already tops 30 million people as of February 2026, and they’ve been adding new features like real-time analytics and advanced trading tools. The platform handles both crypto and traditional investments, which gives former Gemini customers more options than they had before. But some analysts think the market response has been mixed – nobody’s really sure if this move will hurt Gemini’s reputation in other regions where they’re staying put.

The regulatory pressure seems to be the real driver here. Gemini faced increased scrutiny in multiple jurisdictions over recent months, and pulling out of these markets lets them concentrate on places with friendlier rules. Tyler Winklevoss said February 4, 2026: “We are committed to ensuring compliance across all our operational territories.” The company’s been streamlining operations for a while now, cutting markets that don’t generate enough revenue or cause too many regulatory headaches. Both companies set up dedicated support channels to help with the transition, but customers still have to do most of the work themselves before April 6 rolls around.

Regulatory compliance costs have skyrocketed across European markets, with some exchanges spending upwards of $50 million annually just to maintain licenses in multiple jurisdictions. Coinbase faced similar pressures in 2023 when they temporarily halted services in several EU countries, citing unclear guidance from local regulators. Binance also retreated from multiple markets between 2021 and 2024, including the Netherlands, Singapore, and parts of Canada. Industry data shows that smaller crypto platforms are burning through 15-20% of their revenue on compliance alone, making selective market withdrawal an increasingly common survival strategy.

The exodus creates opportunities for regional players who’ve built stronger relationships with local regulators. Kraken expanded aggressively into European markets during 2025, adding support teams in seven languages and partnering with local banks for faster fiat transfers. Meanwhile, Bitpanda grabbed market share in Austria and Germany by focusing exclusively on EU compliance from day one. Market analysts estimate that displaced users from major exchange withdrawals represent roughly $2.3 billion in trading volume annually – money that’s now up for grabs among remaining platforms willing to navigate the regulatory maze.