Gemini to cut workforce by 25% and shut operations in UK, EU and Australia as part of America First push

Top crypto exchange Gemini Space Station is shutting operations in the UK, the EU, and Australia, according to an announcement from the company — just months after its Nasdaq debut.

Gemini, founded by billionaire crypto entrepreneurs Tyler and Cameron Winklevoss, said Thursday that it was “time for Gemini to focus and double down on America.” In an SEC filing, the firm said it would be eliminating 200 jobs, or 25% of its global workforce.

In an email to customers seen by DL News, Gemini said that it is working with trading platform eToro as part of the offboarding process.

From March 5, customers in the UK, EU, and Australia will only be able to withdraw funds.

“We kindly request that you cancel any recurring orders and refrain from making any new fiat or crypto deposits in the run up to Gemini’s closure of services,” the email said. “If you have staked assets, please begin the process of unstaking them”

In January, the SEC said it would dismiss its lawsuit against Gemini, on grounds that the exchange returned customer assets as reason for the dismissal. The Wall Street watchdog in 2023 sued Gemini, alleging the exchange offered unregistered securities via its Earn programme.

A group of crypto exchanges, including Gemini, said in January that the UK banks are increasingly unfriendly towards crypto customers.

One exchange observed close to £1 billion in declined transactions.80% of customers reported having bank transfers to crypto exchanges blocked or limited.

“Blanket restrictions from the bank are designed to constrain the growth of the crypto industry,” an unnamed crypto exchange said in the report.

“No consideration of our regulatory status, actual fraud levels or genuine risks have been taken into account.”

Gemini did not immediately respond to questions from DL News about its latest decision.