Regulations
By Bruce Buterin
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The crypto exchange told UK customers on February 5 that it's closing all accounts by April 6, 2026, marking a total retreat from British markets.
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Until then, customers can trade and deposit normally, but after that date it's cash-out time only.
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And here's the kicker - Gemini's crypto activities don't get FCA protection anyway. No Financial Services Compensation Scheme coverage, no Financial Ombudsman Service complaints…
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The FCA's rolling out full crypto regulation in October 2027, aiming to build what they call a "robust and innovative cryptoasset sector" in Britain.
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Gemini won't comment on the exit. Reached multiple times since February 5, company reps haven't responded to requests for details about why they're leaving or what specific…
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The timing's pretty telling though. For more details, see Dollar Swings as Key Data Looms.
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February 1, the FCA released new guidance telling firms to get serious about anti-money laundering compliance, and several crypto companies have been scrambling to meet stricter…
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UK customers are freaking out a bit. John Smith, a London investor, said February 6 he's "completely unsure" how to move his crypto holdings before the deadline.
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The Financial Ombudsman Service prepared for complaint floods by allocating extra staff February 12.
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Questions swirl around Gemini's broader European strategy too. No word yet on whether they'll expand operations in France, Germany, or other EU markets to compensate for losing…
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FCA spokesperson Emily Brown confirmed February 10 that regulators are "closely monitoring" Gemini's exit and its market impact.
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The UK Treasury's reportedly considering new fintech support measures. A Treasury official, speaking anonymously February 11, said discussions are underway about initiatives to…
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Local partnerships are getting messy. February 9, a major UK bank that worked with Gemini expressed concerns about joint projects now hanging in limbo.
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The crypto sector's watching closely to see if Gemini's departure signals broader retreat from UK markets.
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Several major crypto exchanges are reassessing their UK strategies following Gemini's announcement.
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