Gemini, the cryptocurrency exchange founded by billionaires Tyler and Cameron Winklevoss, is implementing significant cost cuts as it navigates a prolonged downturn in the crypto market and mounting competitive pressure.
The New York–based company plans to lay off up to 200 employees, representing roughly 25% of its workforce, and will shut down operations in the United Kingdom, European Union, and Australia, according to reports. The move follows continued struggles to gain market share despite Gemini’s status as one of the industry’s early entrants.
Gemini said it will place all customer accounts in the UK, EU, and Australia into withdrawal-only mode starting March 5, with full account closures expected one month later. The restructuring is projected to cost the company approximately $11 million.
Founded in 2014, Gemini expanded aggressively in recent years, but the strategy has weighed heavily on its finances. In November, the company reported a $159.5 million loss, largely attributed to high expenses related to its initial public offering efforts and extensive marketing campaigns. The downturn has been compounded by broader crypto market volatility, with Bitcoin recently trading below $70,000.
The layoffs will affect staff across multiple regions, including the United States and Singapore, as Gemini refocuses its operations amid declining trading activity across centralized exchanges.
Shift toward prediction markets
Despite the cutbacks, the Winklevoss twins are betting on a new line of business: prediction markets. In December 2025, Gemini launched Gemini Predictions, a platform that allows users to trade on real-world event outcomes.
Since its launch, Gemini Predictions has processed more than $24 million in trading volume from around 10,000 users, according to the company. Gemini sees the product as a potential growth engine and a way to diversify revenue beyond traditional crypto spot trading.
The restructuring marks a pivotal moment for Gemini as it scales back its international footprint while attempting to reposition itself around more focused, regulated products in a challenging market environment.
