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

Crypto exchange Gemini has said it will withdraw from the UK, European Union and Australian crypto markets and reduce its workforce by roughly a quarter, as the company narrows its geographic footprint to refocus on the United States.

The corporate pivots were outlined in a blog post published Thursday by founders Tyler Winklevoss and Cameron Winklevoss, who said Gemini would scale back operations in regions where demand has failed to justify rising operational complexity and costs.

"These foreign markets have proven hard to win in for various reasons, and we find ourselves stretched thin," the Winklevoss twins said, adding that demand in those regions no longer supports continued investment.

Also, Gemini said the headcount reduction reflects a broader shift toward a leaner operating model, driven in part by increased use of artificial intelligence across engineering and non-engineering roles. The company said it believes a smaller organization can operate faster and more efficiently while advancing its core strategy.

"In 2022, our workforce peaked at around 1,100," the company said. "Heading into the end of 2025, we were about 50% of that size. Today, we are reducing our size again by roughly 25%."

The retrenchment marks the latest restructuring for Gemini following multiple rounds of layoffs since 2022, as crypto firms adjust to tighter liquidity, lower trading volumes and rising regulatory costs after the previous market cycle.

Doubling down on America

While pulling back overseas, Gemini has been expanding its U.S. presence. The firm recently received approval from the Commodity Futures Trading Commission to launch a regulated prediction market and has signaled ambitions to broaden into additional derivatives products.

Gemini also recently said the Securities and Exchange Commission plans to dismiss its long-running lawsuit tied to the Gemini Earn program with prejudice, following full recovery for affected customers, bringing a three-year legal battle to a close.