Gemini Slashes Jobs and Exits Europe, UK and Australia to Streamline Operations

Publicly traded crypto exchange Gemini has announced a major restructuring that will cut roughly 25 % of its global workforce — about 200 jobs — and withdraw from multiple foreign markets, including the United Kingdom, European Union countries and Australia, as part of a broader effort to reduce costs and sharpen its operational focus. 

Founded by Cameron and Tyler Winklevoss, Gemini said the decision reflects challenging market conditions, complex overseas regulatory requirements and lower demand in those regions, prompting the exchange to concentrate on its core markets in the United States and Singapore. The layoffs and market exits are expected to be largely completed by mid-2026, subject to local legal and consultation procedures. 

In a statement announcing the changes, the Winklevoss twins framed the restructuring as a necessary step to “meaningfully accelerate our path to profitability”, telling users that foreign markets had become “hard to win in for various reasons” and that the company needed to simplify its operations to remain competitive. 

Market Exit and Customer Impact

As part of the plan, Gemini will wind down operations in the UK, EU and Australia. Customers in those regions will see their accounts switch to a withdrawal-only mode in early March, with final closures scheduled for early April; the exchange is advising users to transfer or withdraw assets ahead of those dates. 

To support users during the transition, Gemini has also partnered with third-party platforms — such as eToro — so that customers can move assets seamlessly if they choose. 

Cost Reduction and Strategic Focus

The restructuring will generate an estimated $11 million in pre-tax restructuring charges, mostly related to severance, benefits and other exit costs, to be recorded in the first quarter of 2026. Gemini’s stock reacted negatively to the news, dropping sharply in trading on the announcement. 

Analysts say the move reflects broader stress in the crypto industry, where leading exchanges and infrastructure firms continue to adjust to warmer regulatory climates in key markets such as the U.S. while retrenching elsewhere due to higher compliance costs and lower user adoption. 

The pivot also aligns with Gemini’s recent efforts to expand into regulated prediction markets and derivatives services within the U.S., following a Commodity Futures Trading Commission license granted last year that cleared the way for event contract trading domestically.