Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Cryptocurrency exchange Gemini announces significant downsizing of operations., 2026/02/06 15:48:01
The American cryptocurrency exchange Gemini has announced its exit from the markets of the European Union, the United Kingdom, and Australia. Concurrently, the company revealed a 25% reduction in its workforce.
Operations in the UK, EU, and Australia have been associated with “high organizational and operational complexity,” rising costs, and a slowdown in business processes, according to representatives of the exchange. They indicated that a significant factor was the lack of demand that could justify the company’s presence in these major regions. Consequently, the exchange has decided to focus on the domestic American market and aim to compete with the market leader, Coinbase.
Gemini attributed the layoffs to “the automation of processes using artificial intelligence.” The company claims that efficiency has increased a hundredfold due to AI.
Related Posts
Gemini has pledged to allocate resources towards the development of the Gemini Predictions platform, which was launched in December 2025 and resembles the market leader, the blockchain platform Polymarket. Gemini believes that prediction markets could potentially surpass capital markets in scale.
In light of the upcoming U.S. presidential elections at the end of 2024, trading volume in prediction markets surged by 565.4% compared to the previous period, reaching $3.1 billion. In January 2026, daily trading volumes fluctuated between $277 million and $550 million, according to data from the Dune platform. Currently, Polymarket accounts for over 37% of the daily trading volume, while another competitor, the Kalshi platform, controls more than 26%.
The decision by Gemini to downsize its business and workforce was announced following the U.S. Securities and Exchange Commission (SEC) terminating a civil case against Gemini in January 2026, indicating that a re-filing of the lawsuit on the same grounds is unlikely.
At the end of January, it was reported that Gemini’s subsidiary, Nifty Gateway, one of the earliest platforms for launching non-fungible tokens (NFTs), plans to cease operations on February 23.
