Gemini Exits UK, EU, and Australia to Focus on the US and Singapore

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Crypto exchange Gemini has decided to exit the United Kingdom, European Union, and Australia, choosing instead to focus on the United States and Singapore. The move follows an internal strategy review in which the company said operating across multiple foreign markets had left it stretched thin, adding complexity and driving up compliance costs. 

While Gemini did not single out any one jurisdiction, its withdrawal has reignited debate over whether the UK’s evolving crypto framework is discouraging even well-regulated firms.

The decision comes despite the UK’s stated ambition to become a global crypto hub, an objective first outlined by former Chancellor Rishi Sunak in 2022. Since then, progress on a comprehensive crypto rulebook has been gradual, leaving firms operating under interim requirements rather than a finalized regime.

Why Gemini’s Exit Is Raising Red Flags

Industry experts say Gemini’s departure is particularly significant because the exchange was among the first to secure registration with the Financial Conduct Authority in 2020. For policymakers, its exit raises uncomfortable questions about whether the UK’s regulatory approach is competitive enough to attract and retain major players.

Susie Violet Ward, CEO of Bitcoin Policy UK, argues that slow rulemaking, overlapping regulatory regimes, and high compliance costs relative to market size are key deterrents. She notes that crypto firms currently face a fragmented system that includes Anti-Money Laundering registration, strict financial promotions rules, and temporary guidance, while the full regulatory framework remains years away. According to Ward, this lack of clarity makes it difficult for companies to justify long-term investment.

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Friction Inside the UK’s Crypto Rulebook

Additional concerns stem from unresolved regulatory details. Laura Navaratnam, head of UK policy at the Crypto Council for Innovation, highlighted uncertainty around how the FCA’s upcoming stablecoin rules will interact with the Bank of England’s systemic oversight framework. She warned that conflicting requirements could create a “cliff edge” for companies transitioning between regimes, potentially prompting further exits.

Meanwhile, CoinJar CEO Asher Tan pointed out that the UK’s move from a limited AML registration model to full Financial Services and Markets Act authorization significantly increases operational demands, forcing firms to reassess whether serving UK customers remains viable.

Impact on the Crypto Industry and What Comes Next

Gemini’s retrenchment reflects a broader trend of crypto firms narrowing their geographic focus amid rising regulatory costs. While the FCA is consulting on a new prudential regime, set to take effect in 2027, industry leaders say the timeline and uncertainty may continue to weigh on sentiment.

For the crypto sector, Gemini’s exit underscores a growing divide between jurisdictions offering clear, actionable frameworks and those still in transition.

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