How to Withdraw Crypto from Gemini and Consolidate Your Portfolio

Gemini has announced it will be shutting down operations in multiple countries to focus on its US operations. This means that their customers will be required to shift their crypto and fiat off the Gemini exchange in affected regions.

If you have been affected, you may want to cash out of Gemini or move your crypto from Gemini to a personal wallet or to another exchange.

Managing cryptocurrency across several exchanges can get messy. It helps to understand how withdrawals work.

Fiat withdrawals require you to sell your crypto for cash first, then send that cash to a verified bank account. Generally, this conversion may constitute a taxable event, whereas transfers of cryptocurrency between accounts on exchanges registered under the same legal name may not trigger tax liability (however you should check this with your tax advisor or accountant, as this is not tax advice).

Transferring crypto means copying your receiving address, then pasting it into the withdrawal form on Gemini.

Choosing the correct blockchain network is crucial. A wrong choice can lead to permanent loss of funds and we have provided examples later in this article.

If you have built up balances on an exchange and now want to move them to CoinJar, there are a few steps to take.

How to withdraw crypto from Gemini to CoinJar

Due to the UK Travel Rule, Gemini cannot send crypto directly to CoinJar or most other exchanges. You will likely receive the error message "Exchange not supported" and will be unable to proceed. Or, you might not receive a message, and your funds might end up being returned some time later (can be days if not weeks).

The workaround is a two-step transfer via a self-hosted wallet (such as MetaMask, Phantom or a hardware wallet like Ledger). Make sure your chosen wallet supports your tokens.

From there you can move your crypto to your CoinJar wallet. Be sure to read up here before you start to move funds.

Once the funds are in your self-hosted wallet, you can send them on to CoinJar.

Self-Hosted Wallets

When transacting via a self-hosted wallet, keep the following in mind:

Test transactions: Always begin with a small test transaction, first from Gemini to your self-hosted wallet, then from your self-hosted wallet to CoinJar. Confirm the test transaction has arrived in CoinJar before proceeding with any larger transfers from Gemini.

**Backup phrase: **You need to save your backup phrase when setting up your wallet. Store this securely, as anyone who obtains it will have full access to your crypto held on your self-hosted wallet. If your backup phrase is lost, you may permanently lose access to your wallet.

**Password recovery: **Your wallet password cannot be reset without your backup phrase. Ensure both are stored safely and separately.

**Network consistency: **When transferring assets, ensure the same network is selected at both ends of the transaction. For example, if sending USDC via the ERC-20 (Ethereum) network from Gemini, your self-hosted wallet (e.g. MetaMask) and CoinJar must also be set to receive on the ERC-20 network.

Get your CoinJar address: In CoinJar, go to Deposit, select the asset you want to receive, choose the Ethereum network if compatible, and copy the wallet address.

Once processed, your funds will appear in your CoinJar account after the required number of network confirmations. This two-step route adds an extra network fee but is currently the most reliable path for UK customers moving crypto from Gemini to CoinJar. As always, send a small test transaction first before moving larger amounts.

How to withdraw fiat currency to your bank account

If your aim is not to move crypto between exchanges but to cash out into fiat, the steps are different.

You generally cannot send fiat currency such as AUD, USD or GBP from one exchange directly to another. You usually need to withdraw fiat to a bank account in your name.

Withdrawing fiat from Gemini

There are detailed instructions on how to withdraw fiat from Gemini on the Gemini support website.

Once processed, the funds should arrive in your bank account according to Gemini and bank processing times.

Real-life examples: The Ethereum transfer

Looking at a few common situations can make the process clearer.

You hold 0.5 ETH on Gemini and want to move it to CoinJar for long-term storage.

**Step 1: ** First, you withdraw the 0.5 ETH from Gemini to your MetaMask wallet. In Gemini, select ETH and choose the Ethereum (ERC-20) network. This is the network supported for ETH withdrawals for UK customers. Paste in your MetaMask Ethereum receiving address and confirm the transaction. Note that Ethereum network fees (gas) are higher than L2 alternatives, so factor this into your timing if the network is congested.

Step 2: Once the ETH appears in your MetaMask, you can send it on to CoinJar. In CoinJar, go to the Deposit section, select Ethereum, and choose the Ethereum network to generate your receiving address. Copy that address carefully. In MetaMask, paste the address and confirm that the Ethereum network is selected before sending.

The transaction confirms on the Ethereum network, and within a few minutes (depending on network congestion) the 0.5 ETH appears in your CoinJar account.

Selling Crypto for Fiat

You decide to move the value of 5 ETH from Gemini to your bank account. You cannot send ETH directly to a bank, so you first sell the 5 ETH for fiat on Gemini.

After the sale, you withdraw the fiat to your bank account.

Security risks and red flags

Transferring funds is a sensitive moment. Once a crypto transaction is confirmed, it is generally irreversible. There is no central body you can call to cancel it.

Keep an eye out for these common issues.

• Network mismatches: The most frequent mistake is copying a receiving address for one network but then selecting a different network when sending. For example, if you copy your MetaMask Ethereum receiving address but then accidentally select Solana on Gemini when sending, the funds will not arrive. Always double-check that the network you select on Gemini matches the network your receiving wallet is set up for. When in doubt, check Ethereum (ERC-20), it is the most widely supported network for UK Gemini withdrawals and is accepted by MetaMask and CoinJar alike. Double-check both before confirming the transaction.
• Address poisoning: Scammers may send a tiny amount of crypto to an address that looks almost identical to yours. They hope that when you later copy an address from your recent activity, you grab their address instead of your own. Always check the full address, or at least compare the first four and last four characters carefully.
• Test transactions: If you are moving a large amount, consider sending a small test amount first, for example $10 worth of the asset. Once it appears safely in CoinJar, you can send the rest. You will pay two network fees, but it significantly reduces the risk of expensive mistakes.

Using 2FA on all your exchange accounts and email, and never sharing your security codes, adds another important layer of protection.

Summary

For crypto transfers, accuracy is everything. Always confirm the correct destination address and double-check that the network you choose on the sending exchange matches what CoinJar supports for that asset.

If you are cashing out, remember that selling your crypto into fiat may be a taxable event. You may need to report gains or losses at the end of the financial year, so keep records of your trades and withdrawals.

By taking your time, reviewing each step, and using small test transactions for larger moves, you can manage your portfolio more safely and with greater confidence.