Crypto exchange Gemini, founded by Cameron and Tyler Winklevoss, has initiated a significant round of layoffs and announced a strategic withdrawal from key international markets, specifically Europe and Australia. This scaling-back effort is part of a broader initiative to streamline operations and adapt to prolonged challenging market conditions, often referred to as the “crypto winter.”
While the exact number of employees affected by this latest reduction remains undisclosed, sources indicate the cuts impact staff across multiple departments, including compliance, engineering, and support roles tied to the international operations being shuttered. The decision reflects the firm’s renewed focus on core markets, primarily the United States and selected parts of the Asia-Pacific region, where regulatory clarity is perceived to be increasing.
Gemini had previously secured regulatory licenses in several European jurisdictions, including the UK and Ireland. However, the costs associated with maintaining compliance infrastructure across disparate EU and international regulations, coupled with slowing adoption rates outside of primary jurisdictions, necessitated the move.
This recent downsizing marks the company’s fifth round of major job reductions since the crypto market peak in late 2021. The exchange has been battling significant headwinds, including the lingering fallout from the collapse of its Gemini Earn lending program partner, Genesis Global Capital, which resulted in prolonged legal disputes over frozen customer assets. The restructuring is aimed at ensuring long-term profitability and focusing capital resources on regulated derivatives and core spot trading products.
Source: Crypto Exchange Gemini Slashes Jobs Amid Exit From Europe, Australia
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