Gemini to exit U.K., EU and Australia, reduce staff by 25%, and focus on U.S. and prediction markets

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Gemini to exit U.K., EU and Australia, reduce staff by 25%, and focus on U.S. and prediction markets

The crypto exchange has instructed affected customers to sign up with eToro by the end of March for withdrawals, while deposits and new accounts have been suspended.

By Olivier Acuna, Will Canny|Edited by Jamie Crawley

Updated Feb 5, 2026, 5:14 p.m. Published Feb 5, 2026, 5:11 p.m.

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Gemini co-founders Cameron and Tyler Winklevoss said shut down operations in the U.K., Australia, the EU. They will also reduce their workforce. (Jesse Hamilton/CoinDesk)

What to know:

• Gemini Space Station Inc. is cutting its global workforce by 25% and shutting down its crypto exchange operations in the U.K., European Union and Australia, and keeping only its U.S. and Singapore businesses.
• Customer accounts in the affected regions will enter withdrawal-only mode on March 5, 2026, ahead of full closures in April, with Gemini partnering with brokerage platform eToro to help users transfer their assets.
• Founders Tyler and Cameron Winklevoss said they are exiting underperforming foreign markets to focus on the U.S. and to invest in prediction markets, which they believe could eventually rival or surpass traditional capital markets.

Gemini Space Station Inc. (GEMI) is shutting down operations in the U.K., the European Union (EU) and Australia.

The crypto exchange is also reducing its staff by 25%, according to a blog post on Thursday that suggests it is focusing resources into prediction markets.

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“Effective 6 April 2026, Gemini will be ceasing operations in the United Kingdom,” the crypto trading platform said in an email sent to customers seen by CoinDesk which does not mention Australia or Europe. “Starting 5 March 2026, all customer accounts in these regions will be placed in withdrawal mode.”

New York-based Gemini stated that it had partnered with brokerage platform eToro to assist customers with their offboarding process. It instructed customers to sign up with eToro so they could “assist in transferring your assets.” Full closures of all accounts will follow in April, the New York-based company said. New account creation and incentive programs will also be disabled.

Crypto equities have lagged broader markets as risk sentiment shifted in early 2026. While major stock indices have posted gains, leading digital-asset–linked equities have slid, reflecting waning investor appetite and tightening liquidity. This underperformance underscores a retrenchment of speculative capital from crypto-linked stocks.

Tyler and Cameron Winklevoss, CEO and President of Gemini, cited difficulties gaining traction in the U.K., Europe and Australian markets as their reason for exiting them, while saying the U.S. has been great to them.

“The reality is that America has the world’s greatest capital markets and America has always been where it’s at for Gemini,” they said. “So it's time for Gemini to focus and double down on America.”

Tyler and Cameron also shared their view that prediction markets would outgrow capital markets, saying they have plans to venture into this sector.

“Our thesis is that prediction markets will be as big or bigger than today’s capital markets,” they said. “Our investment in securing a license to launch our own prediction marketplace positions us as an early mover on this new and exciting frontier.”

They added that more than 10,000 users have traded over $24 million since the debut of Gemini Predictions in mid-December.

Gemini, which went public in September, has seen its shares fall about 23% since the start of 2025 amid a broader downturn in crypto prices. The stock was down 2.8% on Thursday.

Read more: SEC dismisses lawsuit against billionaire Winklevoss twins-backed Gemini over Earn product

GeminiCrypto ExchangePrediction Markets