Gemini cuts 25% of staff and exits UK and EU markets amid ongoing crypto downturn

Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, announced Thursday it is cutting 25% of its workforce and exiting operations in the UK, EU and Australia as part of a major restructuring.

The move comes as Bitcoin dropped below $70,000 Thursday morning, erasing gains made since its $69,000 all-time high in late 2021.

The exchange said it would refocus its business around the US market, AI-powered productivity and prediction markets. In its “Gemini 2.0” update, the company emphasized that smaller, AI-augmented teams are now more effective and aligned with its evolving mission.

Gemini highlighted early traction in its Gemini Predictions platform, which has processed over $24 million in volume since launching in December.

The news comes as Gemini confirmed it will shut down its $NFT marketplace Nifty Gateway on February 23, following a prolonged decline in $NFT trading volumes. Users have been instructed to withdraw their assets before the shutdown, though $NFT support will continue through Gemini Wallet.

The announcement coincided with fresh pressure on crypto markets. Gemini stock, which debuted in September 2025, fell nearly 7% on Thursday, extending losses to nearly 80% from its IPO price and marking a new all-time low.

Gemini said narrowing its geographic footprint and product focus would help lower expenses and accelerate its path to profitability.