Gemini Drops UK, EU and Australia to Chase US and Singapore-What Were They Thinking?

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In a move that sounds like a publicity stunt staged by a committee of bored librarians, Gemini has decided to exit the United Kingdom, the European Union, and Australia, choosing instead to focus on the United States and Singapore. The decision follows an internal strategy review that concluded operating across multiple foreign markets had left them stretched thin, adding complexity and driving up compliance costs-like trying to file taxes with a spaghetti fork.

While Gemini did not single out any one jurisdiction, its withdrawal has reignited debate about whether the UK’s evolving crypto framework is discouraging even well-regulated firms. The question on everyone’s lips is: are we building a framework, or an obstacle course with fashionable signage?

All of this occurs despite the UK’s declared ambition to become a global crypto hub, an objective first outlined by former Chancellor Rishi Sunak in 2022. Progress on a comprehensive crypto rulebook has been slow, leaving firms under interim requirements rather than a finalized regime.

Why Gemini’s Exit Is Raising Red Flags

Industry experts say Gemini’s departure is 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. In short, the grown-ups are noticing that the homework hasn’t been as neatly done as hoped.

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.

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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2026-02-10 15:22