Gemini Announces Sharp Pullback, Exiting European and Australian Operations While Slashing Staff

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In a major operational pivot, the digital asset platform Gemini stated it will cease operations in the United Kingdom, the European Union, and Australia. The retreat from these key markets accompanies a substantial workforce reduction, eliminating about one-quarter of the exchange’s remaining employees.

The announcements were made public in a detailed update posted by co-founders Tyler and Cameron Winklevoss. They positioned the drastic steps as a strategic consolidation, aiming to concentrate the company’s efforts and capital exclusively on its US-based business amidst a challenging global environment for cryptocurrency enterprises.

The Winklevoss twins cited unsustainable operational hurdles and muted customer adoption as the primary drivers for the geographic withdrawal. “Demand in those regions no longer supports continued investment,” they explained, adding that the complexity of maintaining compliance across multiple foreign jurisdictions had become prohibitive.

Regarding the staff cuts, the leadership indicated a deliberate move toward a more automated and efficient corporate structure. The increased integration of artificial intelligence into both technical and business functions was noted as a key factor enabling this shift toward a smaller, purportedly more dynamic team.