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Crypto can’t exist in isolation. True, it promises decentralization and diffuses power back to the people. The problem is that fiat is needed to buy these assets, and some of the best cryptos to buy are still priced in USD, Euros, and many other fiat currencies.
Exchanges like Gemini, Coinbase, and Binance that enable the trading of these assets are important channels. Every day, they cumulatively handle billions in trading volume, meeting the demand of users from across the world. As crypto goes global, trading volume will only rise. With this comes the need for clear laws so that the trader and the exchange act within the bounds of the law.
As part of this adjustment, Gemini, one of the first crypto exchanges, announced its planned exit from the UK, the European Union, and Australia while cutting about 25% of its staff. The move landed quietly amid the crypto meltdown, which has seen the Solana price collapse below $100.
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What Is Gemini Doing?
The decision is less about Gemini itself and more about access. Fewer regulated exchanges mean fewer easy on-ramps from cash to crypto. That changes how safe and simple it feels to get started. Gemini is a crypto exchange launched by the Winklevoss twins in 2014 with a strong focus on regulation. This massive pivot signals a retreat from its global expansion strategy to “double down” on the US and Singapore.
The move is a response to a difficult crypto market and the high operational costs of meeting strict regulations in the EU. As Gemini exits, accounts in affected regions will enter withdrawal-only mode starting March 5. A month later, on April 6, the exchange will close all accounts. To ease the process, Gemini has partnered with the brokerage platform eToro to help customers transfer their assets.
Well done, @TheFCA .
Congratulations on the hostile environment for Bitcoin and cryptocurrency industry in general.
One of the biggest global players is pulling out of the UK entirely.
When will you begin even to pay lip service to your 'growth' mandate?
☝️ @LucyRigby pic.twitter.com/g18nyyqypP
— Freddie New (@freddienew) February 5, 2026
About 25% of the staff are being cut as the exchange continues to manage with even smaller teams. Management says AI tools and a smaller team let them move faster, while US rules feel more predictable than overseas frameworks. For example, the approval of the GENIUS Act in 2025 legalizes and provides a clear federal path for stablecoins tracking the USD. Moreover, the SEC is clearer now, allowing Gemini to explore new products.
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Cutting Costs and Diversification
After the FTX collapse, the EU, UK, and Australia implemented rigorous compliance standards. Europe rolled out MiCA while Australia tightened exchange licensing. The U.S. keeps pressing exchanges to register and follow securities laws. Gemini has already felt this heat. It has fought legal battles tied to its Earn program and sued Digital Currency Group (DCG) after customer funds froze. That history explains why Gemini now wants fewer regulators, not more.
Earn Update: An Open Letter to @BarrySilbert pic.twitter.com/kouAviTho4
— Cameron Winklevoss (@cameron) January 2, 2023
Compliance also comes with costs. The MiCA framework in Europe and licensing demands in Australia all cost money. Gemini is now deciding that the juice is not worth the squeeze since the cost of navigating complex legal landscapes doesn’t match the revenue being generated in those markets. Gemini GEMI stock is under pressure, down 70% from its IPO price. Accordingly, the company is under immense pressure to reach profitability.
As it moves its focus to the US and Singapore, Gemini is diversifying. For example, the exchange is now shifting its focus toward prediction markets, taking on the viral Polymarket. In its assessment, these markets will eventually rival traditional capital markets in size.
The biggest game in sports almost here and 25 Gemini Predictions traders are going to win $1,000 each 🏈
To enter, simply trade any prediction on Gemini.
✅ Every $50 traded = 1 entry pic.twitter.com/kRB16Fv3B1
— Gemini (@Gemini) February 3, 2026
Moreover, Gemini is going lean and leveraging tech and AI. The company has explicitly mentioned that AI-driven automation has made its engineering teams more efficient, allowing them to operate with a much leaner staff.
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