In a sweeping strategic pivot that marks the end of its global expansionist era, cryptocurrency exchange Gemini announced on Thursday that it is pulling out of the United Kingdom, the European Union, and Australia. The New York-based firm, founded by Cameron and Tyler Winklevoss, revealed it will also slash approximately 25% of its workforce—cutting around 200 jobs—as it doubles down on the American market.
The decision, delivered via a blog post from the founders, paints a stark picture of the current crypto landscape: international markets have become too costly and complex to justify, while the United States remains the “world’s greatest capital market.”
“Hard to Win” Abroad
For years, Gemini positioned itself as a regulation-first exchange capable of navigating the complex patchwork of global financial laws. However, that ambition appears to have hit a wall of economic reality.
“These foreign markets have proven hard to win in for various reasons, and we find ourselves stretched thin with a level of organizational and operational complexity that drives our cost structure up and slows us down,” the Winklevoss twins wrote.
The blunt assessment suggests that the juice simply wasn’t worth the squeeze. The persistent increase of regulation and the slow-down in consumer demand across Europe, combined with a failure by Australian customers to purchase as much as originally planned, led the firm to conclude that it was wasting valuable resources by keeping a physical presence in either area.
Going forward, Gemini will operate exclusively in the United States and Singapore, retrenching to its most profitable strongholds.
The Rise of the “100x” AI Engineer
Market exits are just one indication of the significant change underway in the tech industry. According to Gemini, their efforts to reduce costs and improve efficiency through the use of AI have resulted in large-scale changes to their workforce. Companies like Gemini believe that the introduction of AI tools can lead to improved productivity and greater overall efficiency. According to the founders, AI has made their engineering teams exponentially more productive—creating what they described as “100x” efficiency gains. Using technology effectively is how a company can provide proof that it can run with fewer employees as they develop their new lines of products. These layoffs will impact employees globally, including the US, Europe, and Singapore. These layoffs are part of the ongoing layoffs that have continued since the beginning of the cold winter of crypto in 2022.
Important Things for Customers to Know
For customers in the impacted nations, there is a deadline. At this point, Gemini will not continue to allow the opening of new customer accounts and will not run deals or incentives for customers in the UK, EU or Australia.
In addition to the number of employees who have already been laid off, Gemini will be shutting down its operation in two phases:
- March 5, 2026: Gemini accounts will be converted to “withdrawal-only” accounts. Trading, staking, and deposits will be disabled. Customers with open derivative positions must close them by this date to avoid forced liquidation.
- April 6, 2026: All accounts in these regions will be fully closed.
Gemini has partnered with eToro (social trading platform) to assist displaced customers in transitioning directly to liquidate their accounts.However, users remain free to transfer their funds to any external wallet or bank account of their choice.
Betting Big on Prediction Markets
As Gemini closes doors abroad, it is opening a new one in the realm of speculative finance. The company’s announcement made it clear that its future growth strategy hinges on Gemini Predictions, a prediction market platform launched in December 2025.
“Our thesis is that prediction markets will be as big or bigger than today’s capital markets,” the company stated.
The platform allows users to trade on the outcome of future events—from elections to economic indicators—rather than just asset prices. Gemini Predictions has reportedly gained more than 10,000 users and produced $24 million in trading volume since launching. The sector has seen explosive growth recently, with competitors like Polymarket and Kalshi driving daily volumes into the hundreds of millions during the recent U.S. election cycle.
By pivoting resources toward this high-growth vertical, Gemini hopes to capture a slice of a market that operates largely outside the correlation of Bitcoin’s price action.
A “Double Down” on America
The timing of the restructuring is notable. The crypto industry is currently weathering a renewed downturn, sparked by a flash crash in October and compounded by legislative stalls in Washington, specifically regarding the CLARITY Act.
Gemini is placing their wager on the U.S. being the holy grail despite the headwinds it has encountered (or possibly because of them). The Winklevoss twins are trying to create a streamlined, more focused vessel to guide themselves through the turbulent waters of 2026 by getting rid of international compliance burdens and utilising a smaller, AI-assisted team. The billion-dollar question is will a U.S.-first strategy be able to flourish in a borderless industry?
