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Gemini Payments UK Ltd and Gemini Intergalactic UK Ltd will cease operations in the UK starting April 6, 2026, as announced by the Financial Conduct Authority (FCA). Customers will have until March 4, 2026, to access their accounts normally, followed by a 'withdrawal-only' period until closure. The FCA authorized GPUK for e-money services but noted that GIUK’s cryptoasset activities remain unregulated. This exit reflects broader regulatory shifts in the UK crypto sector, where cryptoassets will fall under FCA oversight from October 2027. The phased wind-down highlights risks for UK investors relying on unregulated crypto platforms, as they lack FSCS protection and cannot escalate complaints to the Financial Ombudsman Service (FOS). For traders, this underscores the UK’s evolving regulatory landscape, which aims to balance innovation with consumer safeguards. Market participants should monitor FCA’s proposed rules for cryptoassets, which could reshape market dynamics and investor confidence in the sector.
