Gemini Space Station Inc. (GEMI) is shutting down operations in the UK, European Union (EU) and Australia.
The cryptocurrency exchange will also lay off 25% of its staff, according to a blog post on Thursday, suggesting it is focusing its resources on prediction markets.
“Effective April 6, 2026, Gemini will cease operations in the United Kingdom,” the cryptocurrency trading platform said in an email to customers seen by CoinDesk. The email did not mention Australia or Europe. “Beginning March 5, 2026, all customer accounts in these regions will be in withdrawal mode.”
New York-based Gemini said it has partnered with brokerage platform eToro to assist clients with the exit process. It instructs customers to register with eToro so that they can “assist in transferring your assets.” The New York-based company said all accounts will be fully closed in April. New account creation and incentive programs will also be disabled.
Cryptocurrency stocks have lagged the broader market as risk sentiment shifted in early 2026. While major stock indexes rose, leading digital asset-related stocks fell, reflecting waning investor interest and tighter liquidity. This underperformance highlights the drawdown of speculative capital in cryptocurrency-related stocks.
Gemini CEO and President Tyler Winklevoss and Cameron Winklevoss said their exit was due to difficulty gaining traction in the U.K., European and Australian markets, while saying the U.S. has been great for them.
“The reality is that the United States has the largest capital markets in the world, and the United States has always been where Gemini is,” they said. “So now is the time for Gemini to focus and double down on America.”
Taylor and Cameron also shared their view that the forecast market will grow faster than capital markets and said they planned to venture into the space.
“Our thesis is that prediction markets will be as large as, or even larger than, today’s capital markets,” they said. “The investment we have made to secure a license to launch our own prediction market positions us as a first mover in this exciting new space.”
They added that more than 10,000 users have made more than $24 million in transactions since Gemini Predictions debuted in mid-December.
Gemini went public in September and its shares have fallen about 23% since the start of 2025 amid a general decline in cryptocurrency prices. The stock fell 2.8% on Thursday.
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