Gemini Payments UK Limited and Gemini Intergalactic UK Limited
Gemini Payments UK Limited (GPUK) has received authorization from the Financial Conduct Authority (FCA) to operate as an issuer of electronic money and to offer payment services. Meanwhile, Gemini Intergalactic UK Limited (GIUK) specializes in providing cryptocurrency products. It’s important to note that GIUK’s crypto offerings are not regulated by the FCA; oversight is limited to compliance with UK anti-money laundering laws.
Withdrawal from the UK Market
In a recent announcement dated February 5, 2026, both GPUK and GIUK revealed their intention to withdraw from the UK market entirely. The complete closure of customer accounts in the UK is scheduled for April 6, 2026, with the winding down activity being implemented in phases.
Users will be able to access their accounts without interruption until March 4, 2026. Following this date, all accounts will transition to a ‘withdrawal-only’ status starting March 5, 2026.
Support for Affected Customers
To assist affected customers, detailed guidance and a list of frequently asked questions have been made available. Customers dissatisfied with GPUK’s services are encouraged to lodge complaints, but must be aware that because cryptoasset services lack FCA regulation, they are not eligible for reviews by the Financial Ombudsman Service (FOS).
Future Regulation of Cryptoassets
Starting in October 2027, the regulation of cryptoassets is set to be adopted by the FCA, with the aim of fostering a competitive and sustainable cryptoasset environment. Recent consultations have focused on establishing rules and guidelines that ensure market integrity, consumer protection, and the promotion of innovation within the UK’s cryptocurrency landscape.
