Gemini Retrenches During Crypto Downturn, Exits UK, EU and Australia

Gemini — the cryptocurrency exchange backed by entrepreneurs Cameron and Tyler Winklevoss — is undertaking a major strategic retrenchment amid a sustained downturn in cryptocurrency markets, including exiting several international markets and reducing its global workforce.

In a significant restructuring move announced in early February 2026, Gemini revealed plans to lay off roughly 200 employees — about one-quarter of its staff — and to wind down operations in the United Kingdom, European Union and Australia. The retreat from these markets forms part of a broader effort to streamline the business and concentrate its resources on its core markets in the United States and Singapore.

The decision reflects the persistent downturn in crypto markets, with major digital assets experiencing lower trading volumes and reduced demand, a trend that has pressured revenues and profitability at exchanges worldwide. Gemini’s announcement comes amid broader headwinds for the digital asset industry, including tighter regulatory regimes and heightened compliance costs in multiple jurisdictions.

Workforce Cuts and Global Strategy Shift

Gemini’s decision to reduce its workforce by around 25% — roughly 200 employees globally — was detailed in a regulatory filing and public statements following board approval. The layoffs affect teams in Europe, the United States and Singapore, and are expected to be completed within the first half of 2026, subject to local labour consultation processes.

The restructuring is expected to generate approximately $11 million in pre-tax charges related to severance and wind-down costs mainly in the first quarter of the fiscal year. Gemini’s stock, which debuted on the Nasdaq in September 2025, also declined on the news, dropping about 7% in post-announcement trading — extending broader share weakness seen since its IPO.

In their public note, the Winklevoss twins emphasised that this “strategic retreat” will help the business “reduce total expenses” and accelerate the path to profitability, even in the backdrop of an uncertain crypto market. Analysts have commented that reorienting around core, high-liquidity markets like the U.S. may strengthen Gemini’s competitive position over the long term.

Exiting the UK, EU and Australia

A key component of Gemini’s retrenchment is its exit from several major international markets. Effective 5 March 2026, customer accounts in the United Kingdom, European Union and Australia will be switched into withdrawal-only mode — meaning users can withdraw crypto and fiat but will not be able to trade or deposit new funds. Full account closure is scheduled for 6 April 2026.

The UK’s Financial Conduct Authority (FCA) confirmed that Gemini Payments UK Ltd and Gemini Intergalactic UK Ltd plan to exit the UK market with all customer accounts closing by April, urging customers to manage withdrawals or migrate assets prior to the deadline.

Gemini has also partnered with eToro to aid customers in offboarding their assets in these regions — offering an optional transition route to the eToro platform for those seeking continuity of service. However, users are free to transfer assets to any other platform or self-custodied wallet of their choice.

Regulatory and Market Challenges

Industry observers have noted that regulatory frameworks in the UK, EU and Australia have grown increasingly complex and costly for crypto firms — particularly as new regimes like the EU’s MiCA (Markets in Crypto-Assets) regulation take effect. The compliance burden, combined with relatively limited customer demand in those jurisdictions compared with the U.S., was cited by Gemini itself as a key factor in its decision.

In the UK, for example, the firm must navigate changes under the Financial Services and Markets Act and tighter scrutiny on crypto operations. While this regulatory tightening aims to protect consumers and markets, it has also led several international exchanges to reassess their footprint in the region.

Customer Impact and Offboarding Guidance

Affected customers have been advised to complete all necessary actions — such as unstaking, cancelling recurring orders and withdrawing balances — before the withdrawal-only period begins. Gemini has cautioned clients to avoid new deposits and to proactively plan their account closures to avoid last-minute congestion or operational risk during the shutdown.

Gemini’s guidance underscores that after 5 March 2026, trading and deposit functions will be disabled in the exiting regions, with all crypto and fiat withdrawals needing to be completed by 6 April 2026. It has warned users about potential scams during this transition, emphasising that official communications will not include unsolicited contact via phone or SMS.

Pivoting Focus: U.S. and Singapore

With the exits underway, Gemini is repositioning itself to consolidate resources in its core markets, particularly the United States and Singapore. These jurisdictions offer deeper liquidity pools, more established regulatory clarity and significant customer bases. By focusing on these markets, Gemini hopes to leverage operational scale, reduce overhead and sharpen its product offerings.

Part of the company’s renewed strategic focus includes Gemini Predictions, a prediction market platform launched in December 2025, which has already processed more than $24 million in trading volume across over 10,000 users. The Winklevoss twins have suggested that prediction markets could rival traditional capital markets in scale and relevance, positioning this new venture as a key growth area.

Broader Industry Context

Gemini’s retrenchment is emblematic of broader headwinds facing the cryptocurrency sector in early 2026. Major digital assets have experienced volatility and price pressure, and many firms have been forced to tighten budgets, reduce staffing and reconsider expansion plans. Even leading exchanges have faced challenges around regulatory compliance, market competition and profitability amid crypto market downturns.

While withdrawing from international markets carries reputational and operational risks, many analysts believe Gemini’s move to concentrate on fewer, high-value markets may ultimately help it weather cyclical pressures and position itself for future innovation.

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