Crypto exchange Gemini plans to lay off up to 200 staff members, exit Europe and Australia
Gemini approved the plan to wind down operations in the UK, the European Union, other European jurisdictions and Australia, leaving it to operate in the US and Singapore.
A screen displays the Gemini logo during the company's IPO at the Nasdaq MarketSite in New York City, US, on Sep 12, 2025. (File photo: Reuters/Jeenah Moon)
Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, said on Thursday (Feb 6) it plans to cut up to 200 jobs globally and focus operations in the US and Singapore, as part of a broader cost-cutting effort.
The planned layoffs, which involve about a quarter of its workforce, will affect staff in Europe, the US and Singapore, the company said.
The year has opened with widespread layoffs across US companies as they trim costs and sharpen operational focus.
Gemini also approved a plan to wind down operations in the UK, the European Union, other European jurisdictions and Australia, leaving it to operate in the US and Singapore.
"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," the Winklevoss twins said in a blog.
Shares of the New York-based company fell about 7 per cent in afternoon trading. As of Wednesday's close, the stock was down about 73.8 per cent from the US$28 offer price in its September IPO.
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 US$11 million in pre-tax restructuring and related charges. Most of the charges are expected to be recorded in the first quarter.
"We believe streamlining the business is the right decision here for the long-term," said Truist analyst Matthew Coad in a note.
"Management now must shift its strategy from investing to regain lost market share to staying afloat during a crypto downturn," he said.
The Winklevoss twins rose to prominence after suing Facebook and its CEO Mark Zuckerberg, alleging he stole their idea for the social network. They settled in 2008 for cash and Facebook stock.
