Cryptocurrency exchange Gemini, founded by Cameron and Tyler Winklevoss, is preparing to withdraw from the United Kingdom, the European Union, and Australia, according to a company announcement made Thursday. The company is also reducing its workforce by approximately 25% as part of a strategic restructuring.
Gemini cited difficulties in gaining traction in these foreign markets as a primary reason for the withdrawal. According to the Winklevoss twins, demand in those regions hasn't justified the operational complexity and costs. Streamlining operations to focus on the U.S. and Singapore will allow for a more efficient and leaner operating model. Gemini believes a smaller, more focused organization can operate more quickly, and efficiently while still advancing its core strategies.
Customer accounts in the affected regions will transition to a withdrawal-only mode starting March 5, 2026, and will be fully closed on April 6, 2026. Gemini has advised customers to sell or withdraw their assets before the March deadline, as trading and selling will no longer be possible after that date. The company has also urged users to cancel recurring purchases, avoid new deposits, and begin unstaking any staked crypto to avoid potential delays. For users with open perpetual futures positions, Gemini is requiring that these positions be closed before the withdrawal-only phase begins, or they risk being force-closed at market prices. To facilitate the transition, Gemini has partnered with eToro, providing a transition route and sign-up incentives for some users who transfer their assets to the social trading platform. However, customers are free to move funds to any exchange or withdraw crypto to a self-custody wallet and fiat currency to a bank account. Gemini is advising customers to act quickly, as account verification, bank linking, and withdrawal address approvals can take time.
The workforce reduction will affect up to 200 employees across Europe, the U.S., and Singapore. This represents roughly 25% of Gemini's global workforce as of early February 2026. Gemini's workforce peaked at around 1,100 in 2022; heading into the end of 2025, it was about 50% of that size; and with this recent decision, the company is reducing its size again by roughly 25%. The company expects to substantially complete the layoffs and wind-down of operations by the first half of 2026, pending local legal and consultation requirements. Gemini anticipates incurring approximately $11 million in pre-tax restructuring and related charges, primarily in cash outflows. These expenses will cover severance, notice pay, employee benefits, facility exit costs, contract terminations, and professional fees. The majority of these charges are expected to be recorded in the first quarter of 2026.
The decision to scale back operations and reduce staff reflects a broader trend among crypto firms adjusting to tighter liquidity, lower trading volumes, and rising regulatory costs following the previous market cycle. Gemini's exit from the UK also comes as the country transitions to a stricter regulatory regime for digital asset firms. Gemini's concern is that current rules around advertising and financial promotions may be more onerous for crypto than for other products, creating inconsistency and potentially stifling innovation.
Shares of the New York-based company fell approximately 6% in early trading following the announcement. As of Wednesday's close, the stock was down about 73.8% from the $28 offer price in its September IPO.