Gemini’s decision to exit the United Kingdom, European Union and Australia to focus on the United States and Singapore has intensified scrutiny over the UK’s ambition to become a global crypto hub.
The exchange said in a strategy update that several foreign markets were “hard to win,” leaving the firm “stretched thin” and burdened by organisational complexity that increased operating costs.
“Capital goes where it can operate with clarity and confidence,”
Said Susie Violet Ward, Chief Executive Officer of Bitcoin Policy UK, arguing that Gemini’s retrenchment reflects prolonged regulatory uncertainty.
Ward said UK crypto firms currently face a “patchwork” of Anti-Money Laundering registration, financial promotions restrictions and interim guidance while a full regime remains years away, making it harder to commit capital and scale.
Laura Navaratnam of the Crypto Council for Innovation described the departure as “a blow for policymakers” seeking to finalise rules before a five-month FCA authorisation gateway opens from Sept. 30, 2026 to Feb. 28, 2027.
Under draft proposals, crypto firms serving UK customers will need full Financial Services and Markets Act authorisation before a new prudential regime comes into force in October 2027, raising compliance costs and operational burdens.
While the Financial Conduct Authority continues consultations on capital and liquidity standards for crypto platforms, industry leaders warn that unless clarity improves, more firms may reassess their UK footprint as they weigh regulatory costs against market opportunity.
At the time of reporting, Bitcoin price was $66,753.69.