Gemini Pulls Out of UK, EU, and Australia Amid Layoffs and Strategy Shift

Highlights:

• Gemini will exit the UK, EU, and Australia while cutting jobs to focus operations on the US market
• The exchange plans to shut services in several markets to reduce costs and focus operations on core regions.
• Gemini confirmed the account closures and layoffs as part of a wider pullback from the international crypto markets.

Gemini, a crypto exchange founded by the Winklevoss twins, announced plans to exit the United Kingdom, the European Union, and Australia. The company also confirmed it will reduce its global workforce by about 25%. Gemini said demand in those regions no longer supports the current operating costs. The company added that managing multiple jurisdictions has increased complexity and slowed decision-making. The exchange said it will now focus its operations on the United States and Singapore.

UPDATE: Gemini exits the UK, Europe and Australia market.

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— Blockchain Desk (@BlockchaindeskA) February 6, 2026

The decision comes as crypto markets remain under pressure following the recent crash. Gemini said market conditions outside the US weakened after the October sell-off. The company also pointed to the slower regulatory progress in several overseas markets. As a result, Gemini has chosen to concentrate resources where activity remains stronger.

Account Closures and Withdrawal Rules for Affected Users

Gemini said customer accounts in the UK, EU, and Australia will enter withdrawal-only mode on March 5, 2026. From that date, users will not be able to trade, buy assets, or make new deposits. The exchange has set April 6, 2026, as the final date for account closures. Gemini advised customers to cancel recurring purchases and avoid new deposits ahead of the deadline. The company also encouraged users to begin unstaking assets early.

Customers with open perpetual futures positions must close them before withdrawal-only mode begins. Gemini said it may force-close remaining positions at market prices if needed. The company warned that account verification and withdrawal approvals can take several days. In some cases, approvals for crypto withdrawal addresses may take up to 7 days. Gemini urged customers to download transaction records before account access ends.

Gemini said funds held for payment services are safeguarded under the UK and EU e-money rules. However, those funds do not qualify for deposit protection schemes such as the FSCS. Gemini has partnered with eToro to assist some customers with asset transfers. Users may also withdraw funds to banks, other exchanges, or self-custody wallets.

US Focus and Expansion of Gemini Prediction Markets

Gemini said it will prioritize the United States as its core market following the restructuring. The exchange plans to place its prediction markets platform at the center of its future operations. Gemini Predictions launched in December and has attracted more than 10,000 users. The platform has recorded over $24 million in trading volume since launch. The company said that prediction markets now represent a key revenue area.

Prediction markets have the potential to be as big or bigger than traditional capital markets. Acting Chairman @CarolineDPham understands this vision and its importance. Unlike her predecessor, Acting Chairman Pham has positioned the @CFTC as a pro business, pro innovation… https://t.co/uNnMt8Gfcj

— Cameron Winklevoss (@cameron) December 10, 2025

The shift follows the recent regulatory developments in the United States. The US Securities and Exchange Commission dropped its lawsuit related to the Gemini Earn program. Both parties agreed to dismiss the case with prejudice, which prevents future filings on the same claims. The dismissal has closed one of the remaining enforcement actions from the previous administration.

Gemini indicated that restructuring should be complete by the first half of this year, depending on the local legal provisions. The company has approximated around $11 million as pre-tax restructuring expenses. Gemini also confirmed that it would close its Nifty Gateway NFT marketplace in February. The exchange incurred a GAAP net loss of $159.5 million during the third quarter of last year.