Finance
Crypto exchange Gemini plans to lay off up to 200 staff, exit Europe and Australia
Published by Global Banking & Finance Review®
Posted on February 5, 2026
2 min readLast updated: February 5, 2026
Quick Summary
Gemini Exchange plans to cut 200 jobs and exit European and Australian markets, focusing on U.S. and Singapore operations amid restructuring.
Gemini Exchange to Cut 200 Jobs and Exit European and Australian Markets
Gemini's Strategic Restructuring
Feb 5 (Reuters) - Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, said on Thursday it approved a plan to cut up to 200 jobs globally and operate only in the U.S. and Singapore, under a broader cost-cutting effort.
Impact of Layoffs on Operations
The layoffs, which involve about a quarter of its workforce, will affect staff in Europe, the U.S. and Singapore, the company said.
Financial Implications of Restructuring
The year has opened with widespread layoffs across U.S. companies as they trim costs and sharpen operational focus.
Background on the Winklevoss Twins
Gemini also approved a plan to wind down operations in the UK, the European Union, other European jurisdictions and Australia, leaving it to operate only in the U.S. and Singapore.
The company expects to substantially complete the layoffs and the wind-downs of operations by the first half of 2026, subject to local legal and consultation requirements.
Gemini estimates it will incur about $11 million in pre-tax restructuring and related charges, largely cash, tied to severance, notice pay, employee benefits, facility exit costs, contract terminations and professional fees.
Most of the charges are expected to be recorded in the first quarter.
Shares of the New York-based company fell about 6% in early trading. As of Wednesday's close, the stock was down about 73.8% from the $28 offer price in its September IPO.
The Winklevoss twins rose to prominence after suing Facebook and its CEO Mark Zuckerberg, and later earned the nickname "Bitcoin twins" after investing part of their settlement in the cryptocurrency and becoming one of the world’s first crypto billionaires.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Anil D'Silva and Sahal Muhammed)
Key Takeaways
- •Gemini to lay off up to 200 employees globally.
- •Exiting European and Australian markets.
- •Focus shifts to U.S. and Singapore operations.
- •Estimated $11 million in restructuring charges.
- •Shares fell 6% following the announcement.
Frequently Asked Questions about Crypto exchange Gemini plans to lay off up to 200 staff, exit Europe and Australia
1What is a cryptocurrency?
A cryptocurrency is a digital or virtual currency that uses cryptography for security and operates on a technology called blockchain.
2What is corporate strategy?
Corporate strategy refers to the overall plan and direction a company takes to achieve its goals and objectives, including resource allocation and market positioning.
3What is job creation?
Job creation refers to the process of generating new employment opportunities within an economy, often driven by business growth and expansion.
4What is a financial crisis?
A financial crisis is a situation in which the value of financial institutions or assets drops significantly, often leading to widespread economic instability.
