Winklevoss‑Backed Gemini Cuts Up To 25% Of Staff, Exits UK, EU, And Australia

Gemini (GEMI), the cryptocurrency exchange founded and run by billionaire twins Tyler and Cameron Winklevoss, announced significant changes to its business on Thursday, including deep job cuts and a withdrawal from several major international markets. 

The cuts will span multiple regions, including the United States and Singapore. At the same time, it will wind down operations in the United Kingdom, the European Union, and Australia, signaling a sharp pullback from markets it once viewed as central to its global expansion strategy.

As a result, the founders said Gemini had become overstretched and needed to simplify its structure to remain competitive. The twins described the layoffs as a necessary step to realign the company with its long‑term goals. 

“Today, we are reducing our size again by roughly 25%,” they wrote, adding that they believe the resulting organization will be better positioned to carry out the crypto exchange’s mission. 

The restructuring comes as Gemini narrows its focus toward what the founders see as the next major growth opportunity: prediction markets.

As part of this strategy, Gemini has invested in securing the necessary license to launch its own prediction marketplace, positioning the company as an early entrant in what it describes as a new and promising frontier. 

The exchange launched Gemini Predictions in mid‑December and says early adoption has been encouraging. According to the company, more than 10,000 users have already participated, trading over $24 million on the platform since its debut.

They added that to successfully pursue this direction, Gemini must concentrate its resources and reduce distractions. By scaling back its global operations and workforce, the company aims to free up the bandwidth needed to develop and expand its prediction market offerings.

At the time of writing, the exchange’s stock, trading under the ticker symbol GEMI, was trading at $6.69. This represents a 7% drop in the past 24 hours and is over 85% below the stock’s all-time high of $45.90.

Featured image from OpenArt, chart from TradingView.com