Gemini Cuts 25% of Staff and Exits EU, UK, and Australian Markets

Cryptocurrency exchange Gemini, founded by twins Tyler and Cameron Winklevoss, has announced a sweeping business restructuring. The company is cutting approximately 25% of its workforce — around 200 positions globally — and completely withdrawing from several major international markets. These decisions come in response to rapidly deteriorating financial metrics and the need to fundamentally rethink the company's growth strategy.

What is happening: details of the layoffs and market closures

The Winklevoss brothers announced the decision in a corporate blog post. According to their statement, Gemini is leaving the markets of the United Kingdom, European Union member states, and Australia. Customer accounts in these regions will transition to withdrawal-only mode starting March 5, 2026 — users will only be able to remove their funds but will no longer be permitted to execute new trades or deposits.

Complete account closures are scheduled for April. To ease the transition, Gemini has partnered with trading platform eToro. Clients in affected regions will have access to a streamlined asset transfer process to eToro accounts, somewhat softening the blow of the abrupt service discontinuation.

Financial backdrop: why the exchange decided to retreat

Gemini's financial reports from the past year paint a troubling picture. The company's operating expenses surged by roughly 70%, while net revenue grew by a mere 17%. This stark gap between the pace of cost growth and revenue growth raises serious questions about the long-term viability of the previous business model.

The stock market paints an even grimmer picture. Gemini's share price has plummeted more than 80% from the highs recorded after the company's public listing. Its total market valuation has shrunk from approximately four billion dollars to under 700 million — a staggering loss of value for a company that recently positioned itself as a frontrunner in the crypto industry.

Leadership departures compound the crisis

Beyond the mass layoff of rank-and-file employees, Gemini has lost several key executives. The company's Chief Operating Officer (COO), Chief Financial Officer (CFO), and Chief Legal Officer have all departed. An exodus of leaders at this level typically signals either deep internal disagreements over strategic direction or a collective recognition of the severity of the crisis.

For a cryptocurrency exchange, the loss of a top legal executive is particularly consequential given the complex regulatory environment in the United States. Gemini has previously clashed with the Securities and Exchange Commission (SEC), and navigating these challenges without an experienced legal chief at the helm could prove significantly more difficult.

Betting on artificial intelligence and prediction markets

In justifying the workforce reduction, Gemini's leadership pointed to advances in artificial intelligence. According to the Winklevoss brothers, AI-driven automation enables the company to operate with a leaner team without sacrificing operational effectiveness. In essence, the exchange claims that algorithms can now handle functions previously performed by human specialists.

Strategically, Gemini is refocusing on two primary areas:

• The US market: the company is concentrating its resources on its home market, where it holds the strongest position, the largest client base, and the deepest understanding of the regulatory landscape.
• Prediction markets: Gemini sees substantial potential in prediction platforms — a segment that has expanded rapidly following the success of Polymarket and similar ventures. This could become a meaningful new revenue stream.

What this means for clients in affected regions

Users in the United Kingdom, European Union, and Australia should act promptly. After March 5, 2026, trading and account deposits will no longer be available. The only remaining option will be withdrawing assets to external wallets or using the eToro partnership program to migrate portfolios.

It is important not to wait until the last moment. A wave of mass withdrawals in April could trigger technical delays, so initiating the process as early as possible is advisable. Additionally, users should verify whether eToro supports all the crypto assets in their Gemini portfolio — certain less common tokens may not be available on the new platform.

Broader context: a trend of retrenchment across the crypto industry

Gemini's decision fits into a wider pattern. Over recent months, numerous crypto companies have been scaling back their ambitions for global expansion. Regulatory pressure in Europe, particularly the new requirements under the MiCA directive, is driving up compliance costs for crypto platforms. Some players are opting to concentrate on one or two core markets rather than spreading resources thin across multiple jurisdictions.

At the same time, citing AI automation as the rationale for layoffs has become an increasingly common talking point across the tech sector as a whole. The extent to which this reflects genuine AI integration into business operations versus serving as a convenient justification for unpopular staffing decisions remains a matter of debate.

Outlook and conclusions

Gemini's future hinges on how successfully the company can execute its new strategy of concentrating on the American market. Cutting costs and narrowing geographic scope are tactical moves that may stabilize finances in the short term. However, restoring investor confidence and returning to market cap growth will require more compelling results.

For crypto enthusiasts worldwide, the Gemini situation serves as yet another reminder of the importance of diversifying platforms used for storing and trading digital assets. Keeping all funds on a single exchange always carries risk — even when that exchange appears reliable and stable. Stay tuned to Kurslog for all the latest developments in the cryptocurrency market.