Gemini UK to close all customer accounts by April 2026

Gemini Payments UK Ltd (GPUK) and Gemini Intergalactic UK Ltd (GIUK) confirmed their planned exit from the UK market on February 5, 2026, leading to the closure of all customer accounts by April 6, 2026. GPUK is authorized by the Financial Conduct Authority (FCA) to issue electronic money and provide payment services.

GIUK offers cryptoasset products, which are not directly regulated by the FCA, though anti-money laundering compliance is overseen.

The wind-down involves a phased approach: customers can use accounts normally until March 4, 2026. From March 5, 2026, all accounts will enter a 'withdrawal-only' mode, allowing users to access existing funds but preventing new transactions.

The final closure date for all UK customer accounts is April 6, 2026. The FCA recommends that all affected GPUK and GIUK customers consult the support article published by Gemini for detailed guidance and frequently asked questions regarding the account closure process and fund management during this transition period.

Customers with complaints concerning Gemini Payments UK Ltd (GPUK), an FCA-authorised entity, can refer these to the Financial Ombudsman Service (FOS).

This mechanism provides recourse for regulated e-money and payment services.

However, cryptoasset activities offered by Gemini Intergalactic UK Ltd (GIUK) are not currently regulated by the FCA.

This means such activities are not covered by the Financial Services Compensation Scheme (FSCS), and complaints cannot be referred to the FOS, highlighting a key difference in consumer protection.

The regulatory framework for cryptoassets in the UK is slated for change, with full FCA regulation commencing in October 2027. The FCA aims to develop a competitive and sustainable cryptoasset sector, having recently consulted on proposed rules and guidance to promote market integrity, protect consumers, and support innovation and competition.