Gemini has announced a major strategic pullback that will see the crypto exchange shut down operations in the United Kingdom, the European Union, and Australia, while cutting a quarter of its global workforce and refocusing its business on the United States and prediction markets.
The decision, disclosed on February 5, 2026, marks one of the most significant restructurings in the company’s history. It comes at a time when crypto firms are reassessing international expansion amid tightening regulations, weaker market sentiment, and falling valuations across the sector.
According to Gemini, customer accounts in the affected regions will be placed in withdrawal-only mode starting March 5, 2026, with full closures expected in April. The exchange has suspended new account creation, deposits, and incentive programs in those markets as part of its wind-down process.
In an email sent to customers in the UK, Gemini said:
“Effective 6 April 2026, Gemini will be ceasing operations in the United Kingdom. Starting 5 March 2026, all customer accounts in these regions will be placed in withdrawal mode.”
To facilitate asset transfers, Gemini has partnered with brokerage platform eToro. Affected users have been instructed to sign up with eToro to assist with moving their holdings ahead of the final shutdown.
The company said it will work directly with institutional clients to ensure an orderly exit, while retail customers are expected to withdraw their assets before the final deadlines in April and early May.
Key Takeaways
- Gemini will shut down its exchange operations in the UK, European Union, and Australia, placing affected accounts in withdrawal-only mode from March 2026 ahead of full closures.
- The exchange is cutting 25% of its global workforce as it restructures to reduce costs and streamline operations.
- Regulatory complexity and weak market traction in Europe, the UK, and Australia drove Gemini to abandon its international expansion plans.
- The company is refocusing on the U.S. market and accelerating its push into prediction markets as a core growth strategy.
Workforce Cuts and Strategic Retrenchment
Alongside its geographic exit, Gemini is reducing its global headcount by approximately 25%, its largest round of layoffs to date. The company cited a combination of automation driven by artificial intelligence and the rising cost of operating across multiple regulatory regimes as reasons for the cuts.
In a blog post accompanying the announcement, Gemini acknowledged that maintaining operations in the UK, EU, and Australia had become increasingly difficult.
“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 timing of the move is notable. Europe’s Markets in Crypto-Assets (MiCA) framework is entering its enforcement phase, raising compliance costs for exchanges seeking authorization across the bloc. Gemini confirmed it will abandon its pursuit of a MiCA license, effectively ending its ambitions in the European market for now.
Doubling Down on the United States
Founders Tyler and Cameron Winklevoss framed the retrenchment as a return to the company’s roots. While acknowledging challenges abroad, they described the U.S. as Gemini’s strongest and most promising market.
“The reality is that America has the world’s greatest capital markets and America has always been where it’s at for Gemini. So it’s time for Gemini to focus and double down on America.”
The exchange said U.S.-based customers will not be affected by the changes, with existing services continuing as normal. Gemini also signaled that additional domestic product launches are planned for later in 2026 as part of what it internally refers to as a broader reset.
A Bet on Prediction Markets
A central pillar of Gemini’s new direction is its growing focus on prediction markets. The company launched Gemini Predictions in mid-December and has already seen early traction, with more than 10,000 users generating over $24 million in trading volume.
The Winklevoss twins believe this category could eventually rival traditional financial markets.
“Our thesis is that prediction markets will be as big or bigger than today’s capital markets. Our investment in securing a license to launch our own prediction marketplace positions us as an early mover on this new and exciting frontier.”
Gemini’s push into prediction markets places it in direct competition with platforms such as Polymarket and reflects a broader industry interest in event-based, on-chain trading products.
Market Pressure and Investor Sentiment
The restructuring comes against a difficult backdrop for crypto-related equities. While major stock indices have posted gains in early 2026, digital-asset-linked stocks have lagged as risk appetite faded and liquidity tightened.
Gemini, which went public in September, has seen its shares fall roughly 23% since the start of 2025 amid a broader downturn in crypto prices. The stock slipped a further 2.8% on the day of the announcement.
Industry-wide pressures, including a prolonged market selloff that began with an October flash crash and the stalling of the U.S. CLARITY Act, have added to uncertainty for crypto firms operating across multiple jurisdictions.
What It Means Going Forward
Gemini’s exit from the UK, Europe, and Australia underscores a growing trend in the crypto industry: regulatory concentration over global reach. Rather than spreading resources thin across regions with diverging rules, exchanges are increasingly choosing to focus on a single market where they see clearer policy direction and stronger demand.
For Gemini, that market is the United States, with prediction markets now positioned as its next major growth bet. Whether that focus pays off will become clearer later in 2026, when the company plans to roll out new U.S.-centric products and expand its prediction platform.
