KEY FACTS: Cryptocurrency exchange Gemini, founded by the Winklevoss twins, announced on February 5, 2026, that it will exit the United Kingdom, European Union, and Australia markets while reducing its global workforce by approximately 25% (up to about 200 roles), as part of a strategy to cut costs, simplify operations, and refocus on the United States, described as having "the world’s greatest capital markets" and Singapore. The company cited challenges in these international regions as "hard to win," insufficient demand to justify high operational complexity and expenses, and credited efficiency gains from artificial intelligence tools that make engineers significantly more productive. Customer accounts in the affected regions will move to withdrawal-only mode starting March 5, 2026, with full closures by April 6, 2026, and new account creation already halted; this follows prior layoffs since 2022 amid a tough crypto environment, including recent market downturns, while Gemini drifts toward growing its prediction markets platform, Gemini Predictions, launched in December 2025.
Source: Winklevoss twins, Gemini
Gemini Exits UK, EU, and Australia Markets, Cuts 25% of Workforce to Refocus on US Operations
New York-based cryptocurrency exchange Gemini, founded by Cameron and Tyler Winklevoss in 2015, has revealed plans to withdraw from the United Kingdom, European Union, and Australia while slashing approximately 25% of its global workforce. The moves, announced on February 5, 2026, aim to streamline operations, reduce costs, and concentrate resources on the United States, where the company sees the strongest potential in capital markets.
In a blog post co-authored by the Winklevoss twins, Gemini described international markets as "hard to win" due to various challenges, including high operational complexity and insufficient demand to justify the associated expenses. In their words:
"These foreign markets have proven hard to win in for various reasons, and we find ourselves stretched thin with a level of organizational and operational complexity that drives our cost structure up and slows us down,"... "We don’t have the demand in these regions to justify them. The reality is that America has the world’s greatest capital markets."
The company will maintain operations in the US and Singapore while phasing out services elsewhere. Customer accounts in the UK, EU (including the European Economic Area), and Australia will shift to withdrawal-only mode starting March 5, 2026, with full account closures scheduled for April 6, 2026. New account creation and incentive programs in these regions have already been disabled.
The workforce reduction, expected to affect up to 200 roles globally, including positions in the US, Europe, and Singapore, marks the latest in a series of restructurings for Gemini, which has implemented multiple layoffs since 2022 amid fluctuating crypto market conditions. Executives attributed part of the efficiency gains to advancements in artificial intelligence, noting that AI tools are enabling engineers to become significantly more productive, described as "100x" more efficient, allowing the company to operate with fewer staff.
Gemini emphasized a strategic pivot toward its prediction markets platform, Gemini Predictions, launched in December 2025. The announcement positioned prediction markets as a core future focus, with founders claiming they could grow "as big or bigger than today’s capital markets." Since launch, the platform has attracted over 10,000 users and generated $24 million in trading volume. Industry-wide, prediction market volumes surged during the 2024 US presidential election cycle and have remained robust, with daily figures ranging from $277 million to $550 million in January 2026, per Dune Analytics data. Competitors like Polymarket and Kalshi currently lead the sector.
The announcements arrive against a backdrop of broader crypto industry pressures, including a market downturn triggered by an October flash crash, stalled progress on US crypto legislation such as the CLARITY Act, and declining digital asset prices. Gemini's shift reflects a "double down on America" strategy amid these headwinds.
The company, which went public on Nasdaq in 2025, continues to position itself as a bridge to the future of money and markets, with prediction markets now expected to take a more prominent role on its platform. Affected customers have been directed to support resources for withdrawal guidance, while Gemini assured that operations in core markets remain unaffected.
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