Gemini, the US-based cryptocurrency exchange, has announced a strategic move to exit the United Kingdom, European Economic Area (EEA), and Australia entirely. The company set a firm deadline of April 6, 2026 for all users in these regions to withdraw their crypto and fiat balances, after which accounts will be terminated.
Phased Wind-Down Timeline
The exit follows a gradual schedule. Until March 4, 2026, existing accounts remain fully functional, though no new registrations are allowed and all rewards, incentives, and promotional programs have been halted. Starting March 5, 2026, accounts switch to a "withdrawal-only" mode, blocking trading, deposits, and purchases. Finally, on April 6, 2026, all accounts in the affected regions will be permanently closed; any remaining assets could become inaccessible.
Key Actions for Affected Users
Gemini issued specific guidance to help users avoid losses. The exchange advises against making any new deposits of crypto or fiat, and recommends unstaking assets early to ensure the withdrawal process completes before the cutoff. Users should sell any crypto they do not plan to keep by March 5 and cancel all open recurring orders. Account verification, bank linking, and withdrawal address whitelisting must be finalized; EU users also need to prove ownership of self-custodial wallets under the "travel rule." Anyone holding perpetual contract positions must close them entirely by March 5 to avoid automatic liquidation at market price.
Migration Partnership with eToro
To ease the transition, Gemini has teamed up with social trading platform eToro, offering a dedicated sign-up link and migration bonuses for EU and Australian users based on the amount transferred. However, Gemini emphasizes that users are free to choose any other exchange or self-custodial wallet. Once assets leave Gemini, the exchange bears no further responsibility for them.
Why the Exit? Cost Control and Strategic Shift
While Gemini did not detail the reasoning in its announcement, external reports connect the move to ongoing cost-cutting and business restructuring. The firm recently laid off roughly 25% of its global staff and plans to refocus on the US market, prediction markets, and AI applications. Tightening regulatory conditions and thinning margins are pushing crypto exchanges to reevaluate their geographic footprint, likely accelerating industry consolidation.