Gemini Space Station, Inc. said it will place customer accounts in the United Kingdom, the European Union, and Australia into withdrawal-only mode from March 5, 2026, with full closures to follow on April 6, 2026.
The New York-based exchange framed the move as a strategic retreat amid a weak crypto market and rising costs of operating overseas.
What’s changing for customers: timeline and impact
Customers in the affected regions will lose the ability to trade or open new accounts after March 5.
“Withdrawal-only” means users can move crypto or fiat off the platform but cannot place new buy or sell orders.
The exchange has also halted referral and promotional programmes for those jurisdictions and advised customers to cancel recurring buys and unstake assets early to avoid delays.
These operational steps are intended to give users time to retrieve funds before accounts are shuttered on April 6.
Practical implications are straightforward. Users should expect identity-verification checks and withdrawal approvals to take several days in some cases, so starting the process now reduces the risk of being locked out.
Gemini’s notice suggests it will offer transition routes (including partner referrals) but emphasises users remain free to move funds to self-custody wallets or other exchanges.
Regulatory and investor pressure
The pullback comes as crypto prices and exchange volumes remain subdued, squeezing revenue streams that previously justified rapid international expansion.
Gemini’s public listing last September vaulted the company into the spotlight, but its shares have slid from early highs as the broader crypto slump eroded sentiment and trading activity.
Market reports show the stock was trading lower after the announcement on Feb. 5, 2026.
Beyond market conditions, regulatory complexity in Europe, the UK, and Australia has made cross-border operations more expensive and operationally risky for US exchanges.
Compliance with local anti-money-laundering and payment-services rules requires heavier investment in staff, controls, and capital, costs that weigh more heavily when trading volumes fall.
The company’s support notice and local legal addenda signal that these compliance burdens have likely been a material factor in the decision.
Customers should prioritise withdrawing assets before the March 5 window; download transaction histories and check any open positions or staking arrangements that could complicate withdrawals.
Investors will look to upcoming filings and comments from Gemini’s investor relations team for clarity on whether the move is temporary, part of a focus on US products, or the start of a wider retrenchment.
Regulators in the affected markets may also issue guidance or require notification to customers; investors keep a close eye on statements from the FCA, EU authorities, and the Australian regulators for any follow-up.
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