Winklevoss-Led Gemini to Slash a Quarter of Jobs and Exit European and Australian Markets
Crypto exchange Gemini announces up to 200 layoffs and withdrawal of services in the UK, EU and Australia as it refocuses on its core US and Singapore operations
Cryptocurrency exchange Gemini Space Station Inc., co-founded by Tyler and Cameron Winklevoss, has approved a strategic restructuring that will reduce its global workforce by approximately 25 per cent and see it withdraw operations from the United Kingdom, the European Union and Australia.
The retrenchment, part of broader cost-cutting measures amid challenging market conditions and rising operational complexity, will affect up to two hundred employees across Europe, the United States and Singapore.
Under the plan, Gemini will narrow its geographic footprint to focus on its largest markets in the United States and Singapore, where regulatory clarity and business demand are stronger.
The company has said the exits from the UK, EU and Australian markets will be largely completed by the first half of two thousand twenty-six, subject to local legal and consultation requirements.
Customers in the affected regions are being urged to prepare for the shutdown of services.
In the United Kingdom, European Union and Australia, accounts will enter withdrawal-only mode beginning on March fifth, two thousand twenty-six, when trading, deposits and new activity will be disabled.
All accounts are slated to be fully closed by April sixth, giving users a limited window to withdraw crypto and fiat assets or transfer them to external wallets or partner platforms.
In addition to workforce cuts and regional exits, Gemini has estimated it will incur about eleven million dollars in pre-tax restructuring charges related to severance, facility closures and contract terminations.
The firm’s co-founders said that the costs and organisational complexity associated with operating in multiple foreign jurisdictions had outpaced demand and weighed on execution.
Gemini’s retrenchment comes amid broader volatility in cryptocurrency markets, with Bitcoin prices and trading volumes fluctuating and digital asset firms adjusting strategies to improve financial performance.
The exchange plans to accelerate its focus on core products and markets, including U.S. derivatives and regulated prediction markets, even as its publicly traded shares have slumped significantly since their debut.
The retrenchment, part of broader cost-cutting measures amid challenging market conditions and rising operational complexity, will affect up to two hundred employees across Europe, the United States and Singapore.
Under the plan, Gemini will narrow its geographic footprint to focus on its largest markets in the United States and Singapore, where regulatory clarity and business demand are stronger.
The company has said the exits from the UK, EU and Australian markets will be largely completed by the first half of two thousand twenty-six, subject to local legal and consultation requirements.
Customers in the affected regions are being urged to prepare for the shutdown of services.
In the United Kingdom, European Union and Australia, accounts will enter withdrawal-only mode beginning on March fifth, two thousand twenty-six, when trading, deposits and new activity will be disabled.
All accounts are slated to be fully closed by April sixth, giving users a limited window to withdraw crypto and fiat assets or transfer them to external wallets or partner platforms.
In addition to workforce cuts and regional exits, Gemini has estimated it will incur about eleven million dollars in pre-tax restructuring charges related to severance, facility closures and contract terminations.
The firm’s co-founders said that the costs and organisational complexity associated with operating in multiple foreign jurisdictions had outpaced demand and weighed on execution.
Gemini’s retrenchment comes amid broader volatility in cryptocurrency markets, with Bitcoin prices and trading volumes fluctuating and digital asset firms adjusting strategies to improve financial performance.
The exchange plans to accelerate its focus on core products and markets, including U.S. derivatives and regulated prediction markets, even as its publicly traded shares have slumped significantly since their debut.
