As part of our commitment to keeping you informed and protected, we want to explain how the rules on marketing and communication (also known as ‘financial promotions') may affect your experience with Gemini.

What are the Financial Promotion Rules?

From 8 October 2023, the UK’s Financial Conduct Authority (FCA) began regulating how crypto firms like Gemini promote cryptoassets to UK customers. These financial promotion rules are designed to ensure crypto advertising is clear, fair, and not misleading — and that it includes appropriate risk warnings.

What does this mean for you?

If you're based in the UK, here’s what you might notice:

• More informative and balanced messaging
  Our communications — whether via email, social media, website, or app — now include standardised risk warnings to help you understand the risks of crypto investing.
  
  
• Customer Categorisation
  You will have been asked  to choose a category that best describes you as an investor. This is to help us better understand your level of investment knowledge and identify which type of investor you are, in line with regulatory requirements.

We will provide you with a definition of each category and you will be able to let us know whether you are a Restricted (Retail), High Net Worth, or Certified Sophisticated Investor. You will be then presented with an investor statement for the selected category, which you will need to fill in and provide a digital signature.

These declarations are only valid for a 12-month period, to account for changes in life circumstances such as employment losses, which may affect the way in which an individual consumer can be categorised.

• Appropriateness assessments before you can trade
  You will be asked to complete a short questionnaire of multiple choice questions aimed at assessing your understanding of the risks involved in the products and services we offer.

We encourage you to pay attention when completing the questionnaire, as two failed attempts will result in a 24-hour lock-out period, whereby you will be unable to trade. After the 24-hour period, you will be able to retake the test. Note that we are unable to expedite the lock-out period.

Additionally, a third failed attempt will result in a 2-week lock-out period. [New To Crypto or not sure where to begin? While it might sound complicated, it doesn’t have to be. Look no further than Gemini’s Cryptopedia - Your trusted source for all things crypto.]

During the lock-out period, you will still be able to use all other functionalities related to deposits and withdrawals. If you have any recurring orders set up on the Gemini platform, these will execute as normal. You will just need to complete the two steps above, before you can continue to trade, or set up a new recurring order.

• A short cooling-off period for new customers
  If you’re new to Gemini, you’ll now experience a 24-hour cooling-off period before you can make your first crypto purchase. This gives you time to consider whether crypto trading is right for you.
  
  
  

Why is this happening?

The FCA sees crypto as high risk for most retail consumers. These new rules are not about banning crypto, they’re about helping you make more informed decisions and reducing the chance of financial harm.

Gemini continues to be committed to working collaboratively with regulators around the world to help the crypto industry flourish in a compliant, sustainable and safe manner. Our robust Financial Promotion framework is the next step on this journey.

Gemini’s Approach

We’re fully committed to complying with the FCA’s rules while continuing to provide you with access to crypto in a safe, transparent, and responsible way. These rules are an opportunity to build trust and empower smarter investment choices.

As such, we are no longer able to offer our referral program or the Gemini Referral Club to customers based in the United Kingdom, and UK customers are no longer eligible to enter any Gemini competitions such as ROI Rumble or Volume Victor.