Gemini Space Station Inc. (GEMI) is closing operations in the United Kingdom, the European Union (EU) and Australia.
The crypto exchange is also reducing its staff by 25%, according to a blog post on Thursday, suggesting it is focusing resources on prediction markets.
“Effective April 6, 2026, Gemini will cease operations in the United Kingdom,” the crypto trading platform said in an email sent to clients seen by CoinDesk, which did not mention Australia or Europe. “Starting March 5, 2026, all customer accounts in these regions will be put into withdrawal mode.”
New York-based Gemini said it had partnered with brokerage platform eToro to help clients with their offboarding process. It instructed customers to sign up with eToro so they could “help transfer your assets.” Full closure of all accounts will follow in April, the New York-based company said. New account creation and incentive programs will also be disabled.
Crypto stocks have lagged broader markets as risk sentiment shifted in early 2026. While major stock indexes have posted gains, leading digital-asset-linked stocks have fallen, reflecting waning investor appetite and tightening liquidity. This underperformance underscores a curtailment of speculative capital from crypto-linked stocks.
Tyler and Cameron Winklevoss, chief executive and president of Gemini, cited difficulties in gaining traction in the UK, European and Australian markets as their reason for leaving, while saying the US has been great for them.
“The reality is that America has the world’s largest capital markets, and America has always been where it’s at for Gemini,” they said. “So it’s time for Gemini to focus and double down on America.”
Tyler and Cameron also shared their view that prediction markets would outgrow capital markets and said they have plans to venture into this sector.
“Our thesis is that prediction markets will be as large or larger than today’s capital markets,” they said. “Our investment in securing a license to launch our own prediction marketplace positions us as an early mover on this new and exciting frontier.”
They added that more than 10,000 users have traded over $24 million since the debut of Gemini Predictions in mid-December.
Gemini, which went public in September, has seen its shares fall about 23% since the start of 2025 amid a broader decline in crypto prices. The share fell 2.8 per cent. Thursday.
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