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3w ago

Gemini Cuts 25% of Staff, Exits UK, EU and Australia With March–April Wind-Down

Leaders say a tighter U.S.–Singapore footprint reduces costs to hasten profitability.

Gemini to exit u.k., eu and australia, reduce staff by 25%, and focus on u.s. and prediction markets
Photo: Dado Ruvic
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Gemini exchange exits uk, eu, australia, refocuses on america

Overview

  • The exchange will eliminate up to 200 jobs, or about a quarter of its workforce, and expects roughly $11 million in pre-tax restructuring charges, with wind-downs largely done by the first half of 2026.
  • Accounts in the UK, EU and Australia enter withdrawal-only mode on March 5, 2026, with full closures on April 6, and customers are instructed to close perpetual positions ahead of potential forced liquidations.
  • Gemini has partnered with eToro to assist asset transfers for affected users, while new account creation and deposits in those regions are suspended.
  • Operations will concentrate in the U.S. and Singapore as the company reallocates resources to AI-enabled teams and its CFTC-licensed Gemini Predictions platform, which reports more than 10,000 users and about $24 million in volume since December.
  • GEMI shares fell about 7% on the announcement and remain well below their September 2025 IPO price, reflecting weaker appetite for crypto-linked equities.