Cryptocurrency exchange Gemini is undergoing a significant restructuring, cutting its workforce by roughly 25% and withdrawing from operations in the United Kingdom, the European Union, and Australia. The company is refocusing its strategy exclusively on the United States market and its growing prediction markets platform, Gemini Predictions.
The layoffs, confirmed in a company blog post dated February 5, 2026, correct social media reports that had inflated the figure to 30%. This reduction follows a previous downsizing that saw the company's headcount fall from a peak of about 1,100 employees in 2022 to roughly 550 by the end of 2025. A further 25% cut from that reduced base suggests a workforce of approximately 410-445 employees.
Co-founders Cameron and Tyler Winklevoss framed the move as a strategic shift toward AI-driven efficiency and a leaner operating model, rather than a crisis response. They highlighted the prediction markets product as a key growth area, noting it has attracted over 10,000 users and processed more than $24 million in trades since its launch in mid-December 2025.
The geographic retreat is a major component of the restructuring. Gemini is shutting down accounts for users in the UK, EU, and Australia, with closures effective April 6, 2026. Users in the UK and EU faced withdrawal-only restrictions starting March 5, 2026, while Australian users had restrictions begin on March 1, 2026. The company has not cited direct regulatory pressure for the exits, instead describing it as a voluntary refocus on its home market.
The restructuring occurs against a backdrop of financial challenges for the exchange. Gemini reportedly recorded a net loss of $582.8 million in 2025, a period marked by Bitcoin's price decline from approximately $115,000 to $60,000, which impacted trading volumes. The exchange's market share has also reportedly fallen below 1%, facing intense competition from larger platforms like Coinbase.
This move signals a broader trend in the crypto industry, where exchanges are adjusting their global footprints in response to volatile market conditions and evolving regulatory landscapes, choosing to concentrate resources in jurisdictions with clearer paths to profitability.
