Gemini to cut up to 200 jobs and exit UK, EU and Australia to refocus

Gemini Space Station Inc. said it will eliminate up to 200 jobs, roughly a quarter of its global workforce, and wind down operations in the United Kingdom, the European Union and Australia as it concentrates resources in the United States and Singapore. A securities filing states the company expects the wind-down to be substantially complete in the first half of 2026 and will record about $11,000,000 in pre-tax restructuring and related charges, with "substantially all" of those charges recognized in the first quarter.

The company will move customers in the UK, EU and Australia into withdrawal-only mode starting March 5, with an operational execution window that could affect venue access, collateral mobility and basis execution between March 5 and April 6. The filing highlights practical frictions for customers: some users will face a seven-day approval cycle for new withdrawal addresses, and EU customers may need Travel Rule–style attestations for self-hosted wallets before transfers are permitted.

Founders Tyler and Cameron Winklevoss framed the retreat in blunt terms, saying: "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 move underscores how regulatory and compliance demands are reshaping operational footprints in crypto trading.

Customer-facing instructions issued with the wind-down urge users to cancel recurring orders and begin unstaking any staked assets ahead of the shutdown, and warn that Gemini representatives will not initiate phone or text contact during the transition. The company has arranged a partnership with eToro to offer customers the option to open eToro accounts to assist with transferring assets. For customers seeking assistance, public support numbers listed in the notice include: Americas +1 212 318 2000; EMEA +44 20 7330 7500; Asia Pacific +65 6212 1000.

Markets reacted quickly. Gemini Space Station shares fell about 7% on the announcement, and bitcoin traded around $67,445 in the disclosure window amid broader volatility that pushed the token more than 8% lower over 24 hours. The retrenchment is likely to reverberate through institutional trading desks in affected time zones, which will need to adjust liquidity and collateral plans for the March–April transition.

Regulatory change in the UK has been an explicit factor. The shift from an interim crypto registration regime to full authorisation under the Financial Services and Markets Act has tightened expectations around governance, resilience and senior management accountability, raising the compliance bar for digital asset firms. That tightening, combined with industry-wide pressure to scale profitably, is prompting some exchanges to consolidate activity into jurisdictions seen as clearer or more workable from a regulatory standpoint.

The decision also signals a broader industry trend: early entrants that failed to capture sizable market share are being forced to choose between heavy compliance investments or strategic retrenchment. Gemini, founded in 2014, will now prioritize markets where it believes it can operate at scale. Execution risk remains material for customers and counterparties during the offboarding period; the company’s timeline through the first half of 2026 will be a test of whether targeted retrenchment can shore up margins without triggering greater market disruption.