Gemini Slashes Workforce and Exits Australia in Bid to Survive Crypto Slump

• Gemini will cut about 200 roles and exit multiple international markets to reduce costs.
• Operations will concentrate on the U.S. and Singapore amid prolonged crypto market weakness.
• The exchange is increasingly prioritising prediction markets following its latest restructuring.

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is planning to reduce its global workforce by around 200 roles, representing roughly 25% of staff, as part of a broad cost-cutting effort. The company said the layoffs will affect employees across multiple regions, including Europe, the United States and Singapore.

Alongside the job cuts, Gemini has approved plans to wind down operations in the United Kingdom, the European Union, other European jurisdictions and Australia, narrowing its geographic footprint to the US and Singapore. The exchange said these changes are intended to lower operating expenses and accelerate a path to profitability despite ongoing weakness in the crypto market.

Gemini expects the restructuring process, including workforce reductions and regional exits, to be largely completed by the first half of 2026, subject to local legal and consultation requirements. The company estimates it will incur approximately US$11 million (AU$15.84 million) in pre-tax restructuring and related charges, with most costs expected to be recognised in the first quarter.

Related: Crypto Winter? Tapping Into Crypto Weighs Gold Signals, US$40K Risk, and 2026 Turning Point

Timeline for International Wind-down

In communications to customers, Gemini confirmed it will cease operations in the UK effective 6 April 2026, with customer accounts in affected regions placed into withdrawal mode from 5 March 2026. The company said it has partnered with brokerage platform eToro to assist customers with transferring assets during the offboarding process.

The Winklevoss twins said Gemini has struggled to gain traction in the UK, Europe and Australian markets, while describing the US as its strongest operating environment. They added that Gemini is increasingly focusing on prediction markets, citing more than 10,000 users trading over US$24 million (AU$34.56 million) since the launch of Gemini Predictions in mid-December.

Related: SEC Drops Gemini Earn Case After Investors Made Whole

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