Gemini Crypto Exchange to Cut 200 Jobs, Exit Europe and Australia

NEW YORK, Feb. 5 (GeokHub) — Gemini Space Station (GEMI.O), the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, announced Thursday plans to lay off up to 200 employees worldwide and scale back operations to focus on the U.S. and Singapore. The move is part of a broader effort to reduce costs and accelerate profitability amid a downturn in the crypto market.

The planned layoffs represent roughly a quarter of Gemini’s workforce and will affect staff in Europe, the United States, and Singapore. The company also confirmed it will wind down operations in the United Kingdom, European Union, other European markets, and Australia.

“We expect these steps will help lower expenses and meaningfully accelerate our path to profitability, even against the backdrop of the current crypto market,” the Winklevoss twins said in a company blog post.

Gemini’s stock fell about 7% in afternoon trading, continuing a steep decline since its September IPO. Shares are now down nearly 74% from the $28 offer price. The company expects most layoffs and operational closures to be completed by the first half of 2026, pending legal and consultation requirements in each region.

The restructuring is projected to cost Gemini approximately $11 million in pre-tax charges, largely recorded in the first quarter. Analysts view the move as a strategic shift from aggressive expansion to maintaining stability during a challenging market period.

“Streamlining the business is the right decision for the long term,” said Truist analyst Matthew Coad. “Management now needs to prioritize financial stability over regaining lost market share.”

Gemini’s founders, the Winklevoss twins, gained notoriety after their 2004 lawsuit against Facebook’s Mark Zuckerberg, claiming he stole their social network idea. The dispute was settled in 2008 for cash and Facebook stock.