Gemini to cut up to 200 jobs, exit Europe, Australia

Gemini, a cryptocurrency exchange founded by the Winklevoss twins, announced plans to cut up to 200 jobs globally and exit operations in Europe and Australia, focusing instead on the US and Singapore.

The layoffs, representing about a quarter of its workforce, will impact staff in the US, Europe, and Singapore, with the company expecting to complete the reductions by mid-2026.

Gemini also approved a plan to wind down its operations in the UK, the EU, and Australia, citing efforts to reduce expenses and improve profitability amid ongoing market challenges.

The company projects about US$11 million in pre-tax restructuring costs, mostly in the first quarter.

Shares of Gemini declined about 7% following the announcement, and as of last week, the stock was down nearly 74% from its IPO price in September 2025.

Industry analysts suggest the move reflects a shift from growth investment to cost management during a cryptocurrency downturn.

🔗 Source: Reuters

🧠 Food for thought

Implications, context, and why it matters.

Gemini shifts toward a US prediction market

Gemini’s move goes beyond budget tightening. It now centers on its prediction market business in the United States 1.
The product lets users bet on real-world events. It has drawn more than 10,000 users and logged about $24 million in trading volume since launching in December 2025, according to MENAFN citing Gemini 2.
The shift lines up with Gemini’s statement that the Securities and Exchange Commission (SEC) plans to dismiss its Gemini Earn lawsuit with prejudice, which would lift a long-running cloud over the business 1.
Gemini also said broader use of artificial intelligence has improved internal efficiency, which supports running with fewer employees 1.

A narrower approach for crypto growth

Gemini’s pullback from Europe and Australia suggests some crypto firms are moving away from a “global by default” growth model 1.
Managing operations across countries with different regulations has become expensive and hard to justify, so the focus is shifting toward profit instead of reach 3.
Other mid-sized exchanges may follow a similar route. They could concentrate on one large market like the U.S. where the path to regulatory approval is clearer, though still demanding 1.
The industry may move away from growth-at-all-costs. More firms could build durable, specialized businesses within specific regulatory frameworks 1.