Does Gemini report to HMRC? (2025/26 UK guide)

UK TAXREGULATIONBLOG
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Does Gemini report to HMRC? Recap UK crypto tax guide
Dan Howitt
Written by
Dan Howitt
CEO at Recap

TL;DR: HMRC has statutory powers to require customer data from exchanges, and the Cryptoasset Reporting Framework (CARF) applies to in-scope crypto activity from 1 January 2026. Gemini closed all UK customer accounts on 6 April 2026. If you did not download your records before then, Gemini says you can no longer access them through the platform, so you would request your transaction history from Gemini Support. We have not seen Gemini publicly confirm a specific past handover to HMRC, and we cannot confirm which entity is responsible for any CARF report on its UK activity.

Gemini was one of the earliest crypto exchanges to register with the UK regulator, and for years it was a familiar name for UK holders. In February 2026 it announced it was leaving the UK, and it closed UK accounts that April. This guide reflects the position as at July 2026.

Gemini closed UK accounts on 6 April 2026: how to get your records now

Gemini announced the closure on 5 February 2026, and the FCA confirmed the exit. Accounts in the UK, the European Economic Area and Australia wound down in stages: normal use until 4 March 2026, withdrawal-only from 5 March, and full closure on 6 April 2026.

Those dates have passed. If you exported your transaction history before closure, keep those files, because you need them to work out your gains and any income. If you did not, Gemini's guidance is that you can no longer download your history through the platform once the account is closed. You can still request it: Gemini's UK user agreement says you can access your transaction history for six years from the date your account closed, by contacting Customer Support. The agreement separately requires Gemini to retain the records for at least seven years, but that does not extend your six-year access window. Even with six years to ask, it is worth requesting your history now rather than leaving it.

Leaving the UK did not switch off your UK tax obligations for the years you used Gemini, and it does not stop HMRC obtaining data about that activity. You still need a complete record of your Gemini transactions to report correctly, whether you kept it yourself or ask Gemini for it.

Does Gemini share data with HMRC?

HMRC has never needed an exchange to volunteer information. Under Schedule 23 to the Finance Act 2011 it can require bulk data from third parties, and under Schedule 36 to the Finance Act 2008 it can issue an information notice to a specific business about its customers. These powers predate CARF and operate under legal conditions.

Coinbase is the clearest public example of them being used in crypto. In 2020 it told selected UK customers it would share their details with HMRC, reportedly for UK-address accounts that had received more than £5,000 in crypto during the 2019/20 tax year; our guide on whether Coinbase reports to HMRC has more. We have not seen Gemini make a comparable public statement, so we will not claim it has handed over specific customer data.

What changes from 1 January 2026: the Cryptoasset Reporting Framework

CARF adds routine annual reporting to those existing powers. It is an OECD standard that lets tax authorities exchange information about people's crypto activity, much as they already share data on offshore bank accounts under the Common Reporting Standard. The UK brought it into law through The Reporting Cryptoasset Service Providers (Due Diligence and Reporting Requirements) Regulations 2025, in force on 1 January 2026, and Finance Act 2026 extended the reporting duty to information about UK-resident users.

UK customers contracted with a UK company, Gemini Intergalactic UK Ltd. Because that company is UK-incorporated, it fell within CARF as a UK reporting cryptoasset service provider for the period it served UK customers in 2026, so in-scope data from that period goes directly to HMRC. Under CARF the relevant provider reports in-scope activity, and the framework is built so that information about UK-resident users reaches HMRC. Any in-scope Gemini activity between 1 January 2026 and account closure may fall within the first reporting period.

What information is reported to HMRC under CARF?

An in-scope provider collects your full name, date of birth, home address, the country or countries where you are tax resident, and a tax identification number, normally your National Insurance number or Unique Taxpayer Reference (if you are eligible for one). This is the self-certification your exchange asks you to complete, and you give it to every provider you use, including non-UK ones.

It also reports what you did, as an aggregated summary rather than a live portfolio snapshot or a finished tax calculation: the types of transactions you made, such as crypto-to-fiat and crypto-to-crypto exchanges, transfers and crypto spending, with the values, units and cryptoassets involved. Your trading and transfers may appear within a provider's reported totals, but CARF does not tell HMRC how to tax any of it. It will not, for instance, label a staking reward as your income. That classification is still down to you and your records.

When will HMRC first receive this data under CARF?

The 2026 calendar year is the first reporting period:

  • Providers began collecting data on 1 January 2026.
  • First reports covering 2026 are due to HMRC between 1 January and 31 May 2027.
  • The first international exchanges of information between tax authorities are expected by 30 September 2027.

The rules carry penalties for users and providers alike: a user who deliberately or carelessly fails to provide a valid self-certification can face a penalty of up to £300 under regulation 13, while reporting providers face separate penalties for due-diligence, reporting, notification, registration and record-keeping failures.

What was Gemini's UK regulatory status?

Gemini's UK cryptoasset business was one of the earliest on the FCA's register. It was the second firm added to the cryptoasset register, on 19 August 2020, a day after Archax.

That registration covered compliance with the Money Laundering Regulations; it did not make Gemini's cryptoasset activities FCA-regulated. The registered entity, Gemini Intergalactic UK Ltd (firm reference number 921817), was overseen by the FCA for its anti-money-laundering compliance. A separate group entity, Gemini Payments UK Ltd, was an FCA-authorised electronic money institution (firm reference number 900988). Both left the UK market in the April 2026 wind-down.

The exit changes how you obtain your records, not whether the tax applies. Gains or income from your Gemini activity remain reportable for the relevant years. We also explain how the position differs for Kraken.

Why has HMRC been sending nudge letters about crypto?

HMRC sent 64,982 crypto-related nudge letters during 2024/25, up 134% from 27,713 the year before, according to a freedom-of-information request by accountancy firm UHY Hacker Young. These letters are widely used, though each recipient should still check why HMRC may have contacted them.

A nudge letter is not an accusation or a tax bill. It is a prompt: HMRC thinks you may hold or have disposed of crypto and wants you to check you have reported it correctly, and from 2027 CARF gives it another source of data. Check your records, work out whether anything is owed, and use the correction or disclosure route that fits the year.

What should I do if I have undeclared Gemini gains?

Start by getting your Gemini history: use your export if you kept one, or request your records from Gemini Support. Then work out your gains and income for each affected tax year.

How you correct a return depends on the year. Income and gains for the current or previous tax year belong on your Self Assessment, and you can amend a return up to 12 months after its filing deadline. For older years, or where an amendment is no longer available, check HMRC's Cryptoasset Disclosure Facility, launched in November 2023, or ask a professional which route applies. Coming forward before HMRC contacts you, an unprompted disclosure, generally attracts a lower penalty than waiting to be prompted, though the outcome depends on the circumstances. If the numbers are large or your situation is complicated, it is worth speaking to a qualified crypto accountant.

How to calculate what you owe on Gemini trades

UK Capital Gains Tax on crypto follows a set order of matching rules when you dispose of an asset: same-day transactions first, then anything bought back within 30 days, then the Section 104 pool, a running average of everything else you hold of that asset. Rewards work differently. Proof-of-stake rewards received outside a trade are generally miscellaneous income at their sterling value on the day you receive them, with a later disposal of those coins potentially creating a capital gain on top. Returns from lending or an Earn-style product can differ again, depending on how the arrangement was structured. Our comprehensive UK crypto tax guide walks through the mechanics.

For example, someone might report a crypto sale but overlook staking rewards received in the same year. Say that over 2026/27 the sale produces a £5,000 gain and the rewards come to £600. The £5,000 gain is reduced by the £3,000 annual exempt amount, leaving £2,000. Assuming no allowable losses or fees and that this gain sits within the basic-rate band, the Capital Gains Tax is £360 at 18%, though whether the whole gain falls in that band depends on your taxable income and gains together. The £600 of staking rewards is taxed separately, generally as miscellaneous income at its value on receipt. How much is chargeable, or whether it needs reporting at all, depends on your other income, any expenses, and whether the £1,000 trading and miscellaneous income allowance applies. Include the rewards in your calculation; reporting the sale alone does not settle the position.

How Recap helps

Reconstructing a Gemini account by hand, especially one that mixes trading with staking, is slow and easy to get wrong. Recap imports your Gemini records, applies the UK share-pooling rules, separates income from capital gains, and produces a report for each tax year that you can file yourself or hand to your accountant. Because Recap is UK-built and your data is encrypted on your own device, we cannot see your portfolio.

Recap connects to Gemini through a read-only API. If you linked your account before it closed, your history was already imported, so check it covers every year you used Gemini. If you did not link it in time, a closed account can no longer be connected, so request your records from Gemini Support, and our support team can help you get them into Recap.

Key takeaways

  • HMRC can obtain your Gemini data. It can already compel exchange data, and from 1 January 2026 CARF covers in-scope crypto activity routinely.
  • Gemini has left the UK. All UK accounts closed on 6 April 2026, and you can no longer download your history through the platform.
  • You can still get your records. Request your transaction history from Gemini Support; the UK user agreement gives you six years of access from closure.
  • CARF data reaches HMRC from 2027. Collection began in 2026, first reports are due by 31 May 2027, and international exchange is expected by 30 September 2027.
  • Use the correction route for the relevant year. Amend a recent Self Assessment, or use the Cryptoasset Disclosure Facility for older years; unprompted disclosures generally cost less than prompted ones.

References

About the Author

Dan Howitt

Daniel Howitt is the CEO and co-founder of Recap, a crypto tax calculation service. He has worked in software development for more than 10 years and has been involved in crypto since 2013 - having...

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