Gemini Space Station Inc. (GEMI) is exiting the U.K., European Union, and Australian markets while cutting 25% of its workforce, refocusing on U.S. operations and prediction markets.
The New York-based crypto exchange said Thursday that affected customers must register with brokerage platform eToro by the end of March to transfer their assets. New accounts and deposits in these regions are suspended, and full account closures are scheduled for April.
“Effective 6 April 2026, Gemini will be ceasing operations in the United Kingdom,” the company said in an email to customers reviewed by CoinDesk. Accounts will enter withdrawal mode starting 5 March 2026, with eToro assisting in asset transfers.
Co-founders Tyler and Cameron Winklevoss pointed to challenges gaining traction outside the U.S. as the reason for the exit. “America has the world’s greatest capital markets and has always been where it’s at for Gemini,” they said. “It’s time to focus and double down on America.”
The founders also emphasized Gemini’s push into prediction markets. Since launching Gemini Predictions in mid-December, more than 10,000 users have traded over $24 million. They said obtaining a license to operate a dedicated prediction marketplace positions the firm as an early mover in the sector.
Gemini’s retrenchment comes amid broader weakness in crypto-linked equities. While major stock indices have gained in early 2026, digital-asset–linked stocks have declined, reflecting declining investor appetite and tighter liquidity. Gemini, which went public in September, has seen its shares fall roughly 23% since the start of 2025, including a 2.8% drop on Thursday.
