Cryptocurrency exchange Gemini, founded by the Winklevoss twins, has announced a major strategic overhaul, confirming its immediate withdrawal from the United Kingdom, the European Union, and Australia. The restructuring, detailed in an internal communication to staff on Tuesday, is accompanied by a significant reduction in its global workforce.
Sources familiar with the matter indicate that the global headcount reduction is expected to affect nearly 20% of the remaining staff, concentrated heavily in operational and compliance roles supporting the exiting markets. This marks the third major round of layoffs at Gemini in the past two years, signaling continuous efforts to cut costs amid a challenging regulatory and market environment.
The company stated that the decision was driven by the need to streamline operations and prioritize investments in regions offering clearer regulatory pathways, specifically naming the United States and parts of Asia. Regulatory complexity and increased compliance burdens in the UK (post-Brexit financial services rules) and the impending MiCA framework in the EU were cited as key factors making sustained operations in these markets economically unviable.
For customers in the UK, EU, and Australia, Gemini has initiated a phased wind-down process. Users are being instructed to withdraw their assets or transfer holdings to other platforms within the next 90 days. The exchange confirmed that all customer funds remain secured and fully segregated throughout the transition period. The suspension of new account creation in these regions took effect immediately upon the announcement.
Source: Gemini announces exit from UK, EU, Australia, slashes workforce
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