Gemini exits UK, EU and Australia, cuts 25% of staff as exchange refocuses on US

Crypto exchange Gemini announced it is withdrawing from the UK, European Union, and Australian markets and reducing its workforce by approximately 25%. Founders Tyler and Cameron Winklevoss stated in a blog post that these foreign markets proved difficult to win due to rising operational complexity and costs, with demand no longer justifying continued investment. This reduction reflects a shift toward a leaner operating model, partly driven by increased use of artificial intelligence. The company noted its workforce peaked around 1,100 in 2022, was halved by the end of 2025, and is now being reduced by another 25%. This move follows previous layoffs as crypto firms navigate tighter liquidity and regulatory costs. Concurrently, Gemini is doubling down on its US presence, recently gaining approval from the Commodity Futures Trading Commission (CFTC) to launch a regulated prediction market and signaling plans for more derivatives products. Furthermore, the Securities and Exchange Commission (SEC) plans to dismiss its long-running lawsuit regarding the Gemini Earn program with prejudice following full recovery for affected customers.

(Source：The Block)