Gemini is undertaking one of its most dramatic restructurings yet, preparing to cut as many as 200 jobs while pulling out of key overseas markets in Europe and Australia. The crypto exchange, run by Cameron and Tyler Winklevoss, is concentrating its remaining firepower on the United States and a narrower set of products after a bruising stretch for digital assets.
The move signals how even long-established platforms are retreating from costly international expansions and leaning into markets where they see clearer regulatory paths and stronger revenue. It also raises urgent questions for customers in the U.K., the EU and Australia, who now face deadlines to move their money or risk being locked into withdrawal-only accounts.
Gemini’s 25% staff cut and up to 200 layoffs
The centerpiece of Gemini’s overhaul is a workforce reduction that will eliminate roughly a quarter of its employees. According to a company plan described in regulatory and internal communications, the exchange is trimming about 25% of its staff as part of a broader cost-cutting drive, a step that reflects both the prolonged crypto downturn and management’s decision to scale back global ambitions. The cuts are framed as a way to align expenses with a smaller geographic footprint and a more focused product roadmap, rather than a short-term reaction to a single market shock.
In practical terms, that 25% translates into as many as 200 roles, a significant hit for a company that has already been through multiple rounds of layoffs since early 2025. New York-based Gemini Space Station has told staff that the reductions are part of a long-term restructuring rather than a temporary hiring freeze, underscoring how deeply the bear market has reshaped its cost base.
Retreat from the U.K., EU and Australia
Alongside the job cuts, Gemini is effectively abandoning its previous push to be a global retail exchange. The company has approved a plan to exit the U.K., the EU and Australia, shifting affected accounts into withdrawal-only mode and winding down local operations. Internal documents describe the move as a response to rising compliance costs and limited trading volumes in those regions, which management argues no longer justify the investment required to stay competitive.
Customers in the U.K. and EU have been told that their accounts will be restricted from new trading and that they should move their assets before the transition is complete, while users in Australia face a similar wind-down. New York-based Gemini Slashes Staff, reporting notes that accounts in these regions will enter withdrawal-only mode, giving customers a limited window to transfer funds before full closure. The company has also highlighted that it is working with partners to smooth the transition, but the net effect is clear: Gemini is no longer trying to be a pan-European or Australian retail player.
Customer deadlines, eToro tie-up and account shifts
For users, the most immediate concern is how and when they can get their money out. Gemini has instructed affected customers to sign up with alternative platforms if they want to keep trading, while its own systems will prioritize orderly withdrawals. In Europe, the company has gone a step further by steering clients toward a specific partner, signaling that it prefers a managed handoff rather than a chaotic scramble across the broader market.
According to company guidance, customers in the U.K. and EU have been urged to open accounts with eToro by the end of March for withdrawals, after which their Gemini accounts will be placed in withdrawal-only mode. A separate notice on regional operations explains that Gemini to Exit to withdrawal-only from March 5, with support teams available to assist with transferring assets. The reliance on a single partner for many customers, combined with hard deadlines, underscores how disruptive a rapid market exit can be for everyday traders who may not follow corporate restructuring news closely.
Strategic U.S. pivot and focus on prediction markets
Behind the cuts and closures is a strategic bet that Gemini can carve out a more defensible niche by doubling down on its home market. Executives have described the shift as a deliberate pivot toward the United States, where the company believes it has stronger brand recognition and a clearer regulatory path than in fragmented European jurisdictions. Internal communications frame the overseas retreat as a way to free up capital and management attention for a smaller number of high-conviction initiatives.
Part of that strategy involves leaning into newer product lines such as prediction markets and other derivatives that the company sees as growth areas. In its own blog post, Gemini said it would focus resources on the U.S. and on expanding prediction-focused offerings, while also exploring ways to attract more institutional capital from crypto-linked stocks and structured products. Reporting on Gemini shutters operations across Europe and Australia notes that the company is reallocating engineering and compliance staff to these U.S.-centric projects, a sign that this is more than a defensive retrenchment. A separate analysis of Gemini Exits UK, describes the move as part of a broader restructuring trend among exchanges operating across multiple jurisdictions, where firms are increasingly choosing depth in one market over breadth across many.
Layoffs in context of the wider crypto downturn
Gemini’s retrenchment does not exist in a vacuum. The company has been under pressure since bitcoin’s slump eroded trading volumes and fee revenue across the industry, forcing even well-capitalized platforms to rethink their cost structures. Reporting on the latest cuts notes that Gemini, the crypto firm run by Cameron and Tyler, is cutting 25% of its workforce after concluding that trading activity in some regions was too weak to justify ongoing investment. That assessment mirrors the experience of other exchanges that expanded aggressively during the bull market only to find that regulatory friction and lower volumes made those bets unsustainable once prices fell.
Investors have taken note of the shift. Shares of Gemini Space Station (NASDAQ: GEMI) have been volatile as traders digest the implications of a smaller, more U.S.-centric business. Coverage by Major market analysts notes that this is the latest in a series of layoffs since January 2025, with incentive programs already suspended and at least 50 roles affected in earlier rounds. A separate briefing by Gemini Retreats Overseas characterizes the latest move as an “Organizational Earthquake,” arguing that, according to Gemini, the company is prioritizing long-term sustainability over short-term growth. Another analysis of Gemini Space Station emphasizes that the firm approved a plan to exit the UK, the EU and Australia as part of a broader effort to stabilize operations amid the crypto downturn.
