Gemini Cuts 25% Workforce, Exits UK, EU, Australia

Gemini, the cryptocurrency exchange founded by twins Tyler and Cameron Winklevoss, announced on Thursday a major restructuring that includes cutting 25 percent of its global workforce and exiting operations in the United Kingdom, the European Union, and Australia. The moves, aimed at streamlining costs and boosting efficiency, come amid a prolonged downturn in cryptocurrency prices that has pressured the company's revenues and stock performance.

The company, which trades publicly under the ticker GEMI, will place customer accounts in these regions into withdrawal-only mode starting March 5, 2026, with full closures effective April 6. Gemini has partnered with brokerage platform eToro to help users transfer assets during the offboarding process. Customers must withdraw all cryptocurrency and fiat holdings, close perpetual positions, and unstake assets before the deadlines to avoid forced liquidations. New account creation and incentive programs in these markets will also end. The firm cited operational complexities, low demand, and regulatory challenges, including the UK's Financial Services and Markets Act, as factors making these regions unviable. "These foreign markets have...