Cryptocurrency exchange and credit card firm Gemini has announced on Thursday that it will be leaving U.K., EU, and Australia markets. The update comes as mass liquidations continue, with the price of BTC falling below $65,000 and Ethereum also experiencing a nosedive.
In line with its exit, the company will also be trimming its headcount. While Gemini didn’t mention the amount, the job cuts are estimated at 200.
The announcement was part of a larger article, in which the Winklevoss brothers addressed multiple topics, including AI and prediction markets.
Founded in 2014, Gemini was initially conceived as a cryptocurrency exchange, before moving into cryptocurrency credit cards as well from 2020 onwards. The company IPO’d in 2025 and started to trade on the NASDAQ under the stock ticker “GEMI”.
“Gemini started in America in 2015. Since then, we expanded our areas of operation to more than 60 countries. 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. And we don’t have the demand in these regions to justify them,” read the statement.
“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. To that end, in addition to reducing the size of our workforce, we will be reducing areas in which we operate by exiting the UK, EU, and Australian markets.”
“We expect this will help reduce our total expenses in line with our headcount reduction and meaningfully accelerate our path to profitability even in the backdrop of the current crypto market,”
At the time of writing, Gemini shares were trading at $6.70, down by 8.79%. Over the past month, the company’s stock has dipped by roughly 40%, according to Yahoo Finance.