Gemini Space Station (NASDAQ: GEMI), the crypto trading exchange led by the Winklevoss twins, announced a major layoff in its global workforce as it retreats from several international markets, including the United Kingdom, Europe, and Australia.
The move, Gemini said, is designed to "support a path to profitability" following continued financial strain.
According to its latest report, Gemini posted a $159.5 million loss for the quarter ended Sept. 3, 2025. The exchange expects to incur roughly $11 million in pretax restructuring costs during the first quarter of 2026, with the overhaul set to be "substantially completed" in the first half of the year.
Related: Gemini crypto exchange exec shares bitcoin investment strategy
Gemini winds down UK, EU and Australia operations
In a statement released Feb. 5, Gemini announced it will close all customer accounts in the U.K., the European Economic Area, and Australia, effective Apr. 6, 2026.
During the first phase of the wind-down, existing customers can continue using their accounts normally, but new account creation and incentive programs are already suspended.
Beginning Mar. 5, affected accounts will enter withdrawal-only mode, disabling trading and deposits.
The exchange has urged users in the impacted regions to withdraw all crypto and fiat assets before Apr. 6 and to unstake any staked assets early to avoid delays from long unbonding periods.
After Apr. 6, users will no longer be able to access their accounts or download transaction histories, and any remaining balances must be withdrawn before the closure date.
The company confirmed it will maintain operations in the U.S. and Singapore, focusing on streamlining operations and regaining profitability after a challenging 2025 marked by tightening regulations and lower trading volumes.
To help users transition, Gemini said it has partnered with eToro to offer transfer support and bonus incentives for customers moving their funds to the eToro platform. However, Gemini emphasized that clients are free to transfer their assets to any platform they prefer.
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Gemini announces layoffs
The company also said it plans to lay off up to 200 employees as part of a broad cost-reduction and restructuring initiative. This is around 25% of their global workforce.
"We believe this is the right size to carry out our mission. A smaller organization, leveraging the right tools, isn't just more efficient , it's actually faster," the statement read.
The statement also mentioned the impact of artificial intelligence (AI) on the job market. Until recently, the impact of software engineers could vary by as much as tenfold, with great engineers outperforming good ones by a wide margin, but that AI has completely transformed this dynamic.
"AI has completely changed the game, expanding this paradigm by another order of magnitude (at a minimum), making a 10xer now a 100xer... And it also holds true for non-engineering work...How we use AI this week is different from how we used it a month ago, which was different from how we used it 6 months before that."
The layoffs were announced right after January clocked the highest number of layoffs since January 2025.
According to outplacement firm Challenger, Gray & Christmas, U.S. companies announced 108,435 job cuts in January, marking a 118% increase from the same month last year and a 205% jump from December 2025.
The figure represents the highest January layoff total since 2009, when the global financial crisis was nearing its peak. The report also noted that hiring plans fell to their lowest level for any January since that period, underscoring growing caution among employers.
At press time, Gemini stock was down 6.54% and was trading at $6.86 at press time.
Related: Gemini banned from crypto lending in New York, firm to pay $50 million settlement
This story was originally published by TheStreet on Feb 5, 2026, where it first appeared in the Jobs, layoffs and employment news section. Add TheStreet as a Preferred Source by clicking here.
