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Gemini to withdraw from the U.K., EU, and Australia, decrease workforce by 25%, and concentrate on the U.S. and prediction markets.
The cryptocurrency exchange has advised affected clients to register with eToro by the end of March for withdrawals, while deposits and the creation of new accounts have been halted.
Gemini co-founders Cameron and Tyler Winklevoss announced the cessation of operations in the U.K., Australia, and the EU. They will also be reducing their employee count. (Jesse Hamilton/CoinDesk)
Key points:
- Gemini Space Station Inc. is laying off 25% of its global workforce and shutting down its cryptocurrency exchange operations in the U.K., European Union, and Australia, while maintaining its U.S. and Singapore operations.
- Accounts of customers in the impacted regions will be switched to withdrawal-only mode starting March 5, 2026, prior to complete closures in April, with Gemini collaborating with brokerage platform eToro to facilitate asset transfers.
- Founders Tyler and Cameron Winklevoss indicated they are exiting underperforming international markets to concentrate on the U.S. and to invest in prediction markets, which they foresee could potentially compete with or exceed traditional capital markets.
Gemini Space Station Inc. (GEMI) is halting operations in the U.K., the European Union (EU), and Australia.
The cryptocurrency exchange is also trimming its workforce by 25%, as stated in a blog post on Thursday that indicates a shift in focus towards prediction markets.
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“Effective 6 April 2026, Gemini will discontinue operations in the United Kingdom,” stated the crypto trading platform in an email sent to customers, which did not reference Australia or Europe. “Beginning 5 March 2026, all customer accounts in these areas will be placed in withdrawal mode.”
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The New York-based Gemini mentioned that it has partnered with brokerage platform eToro to assist customers in the offboarding process. It advised clients to register with eToro to facilitate the transfer of their assets. Complete account closures will occur in April, according to the New York-based company. The creation of new accounts and incentive programs will also be halted.
Crypto equities have underperformed compared to broader markets as risk sentiment shifted in early 2026. While major stock indices have experienced gains, leading digital-asset-related equities have declined, reflecting a decrease in investor interest and tightening liquidity. This underperformance highlights a retreat of speculative capital from crypto-linked stocks.
Tyler and Cameron Winklevoss, CEO and President of Gemini, cited challenges in gaining traction in the U.K., Europe, and Australian markets as their reason for exiting these regions, while expressing satisfaction with their operations in the U.S.
“The reality is that America hosts the world’s premier capital markets, and it has always been a key area for Gemini,” they stated. “Therefore, it’s time for Gemini to concentrate and invest more in America.”
Tyler and Cameron also expressed their belief that prediction markets will surpass capital markets, indicating plans to enter this field.
“Our thesis is that prediction markets will be as significant or larger than current capital markets,” they stated. “Our investment in obtaining a license to establish our own prediction marketplace positions us as an early entrant in this new and promising domain.”
They noted that over 10,000 users have engaged in trading exceeding $24 million since Gemini Predictions launched in mid-December.
Gemini, which became a public company in September, has witnessed its shares decline approximately 23% since the beginning of 2025 amid a general downturn in cryptocurrency prices. The stock was down 2.8% on Thursday.
Read more: SEC dismisses lawsuit against billionaire Winklevoss twins-backed Gemini over Earn product
