It only takes one corrupt government official or compromised employee for you and your family to be at risk, with your wealth tied to your identity and visible on an open ledger.

Regulators continue to treat greater data collection as synonymous with safety, but the reality is increasingly reflected in kidnappings, coercion, torture and in some cases death.

stats.gart.io

Bitcoin transactions are transparent by design, but identity is not meant to be.

The growing accumulation of KYC data, public records and repeated breaches is creating a direct personal security vulnerability.

Torture, weapons, family intimidation and coercion are no longer rare. Risk is increasingly shifting from institutions to individuals.

In 2025, 76 documented 'wrench attacks' were recorded globally, a 77% increase from 2024. France jumped from 4 total cases (2017–2024) to 20 in a single year.

My latest Forbes piece examines the data and discusses how regulation, data aggregation and coercion are colliding in ways policymakers did not anticipate.

Full article: https://www.forbes.com/sites/digital-assets/2026/02/20/how-regulation-and-data-collection-are-creating-physical-security-risk/

"The UK is getting the balance wrong by failing to differentiate clearly between Bitcoin and other crypto assets and by not offering timely, actionable guidance."

As I highlighted to Cointelegraph, Gemini's departure from the UK is a warning sign for policymakers chasing crypto hub dreams.

Firms like Gemini are focusing on markets like the US and Singapore, where high compliance costs and limited opportunities don't outweigh the benefits.

Businesses will stay and scale here if the economics make sense. It's time for clearer rules, faster guidance, and real differentiation to make the UK competitive again.

Full article: https://cointelegraph.com/news/gemini-exit-tests-uk-crypto-hub-ambitions

“Gemini’s exit seems to be about friction. The company is leaving the UK, Europe and Australia while focusing on the US and Singapore, which tells you capital is moving to jurisdictions where firms can operate with clarity and scale.

Prolonged regulatory uncertainty in the UK makes it harder to hire, invest and build compliant operations, and that has real consequences.”

This is what I told Payment Expert on Gemini's exits.

Gemini is describing a regulatory regime that is more expensive and less certain than alternatives, leaving firms to reallocate to where they are treated best.

If the FCA and UK policymakers want innovation here, they need to fix that rather than celebrate frameworks that chase business away.

Full article:

https://paymentexpert.com/2026/02/06/gemini-lay-offs-exits-three-markets/

Gemini has announced it is leaving the UK, alongside exits from Europe and Australia, and is refocusing on the US and Singapore.

I discussed exactly this risk at the Financial Times Digital Assets Summit last May.

This is what happens when compliance becomes cumbersome and prohibitively expensive. Smaller companies are pushed out first. Over time large and established businesses reassess whether it makes sense to continue operating in an environment where regulatory uncertainty, cost and process complexity keep increasing.

Gemini is not a small startup, it is one of the largest regulated exchanges to have operated in the UK.

When firms of this size choose to concentrate activity in jurisdictions they view as more business friendly, it reflects how growth conditions, capital allocation, and long term viability are being weighed.

What we are seeing is business leaving the UK, reduced competition, slower growth, and fewer companies choosing to build here.

This is an important moment for policymakers and regulators to reflect on how current frameworks are affecting business confidence, competition, and growth in the UK.

https://support.gemini.com/hc/en-gb/articles/46255474469275-Gemini-closing-accounts-in-the-UK-EU-and-Australia-Everything-you-need-to-know