In crypto, it’s not just prices getting cooked. Everyone is feeling the heat. Crypto exchange Gemini announced it will exit the UK, European Union, and Australia while cutting about 25% of its workforce. The move comes as crypto trading volumes remain uneven and exchanges face rising compliance costs across multiple regions. This is part of a wider shakeout where only the most efficient platforms survive.
For everyday users, this raises a simple question. Is your exchange getting stronger, or quietly pulling back?
Layoffs at crypto exchange Gemini
*GEMINI TO SHUTTER EU, UK, AUSTRALIA ACCOUNTS; CUT 25% OF JOBS
— Joe Weisenthal (@TheStalwart) February 5, 2026
What Is Gemini Doing and Why Does It Matter?
Gemini runs a centralized crypto exchange. Think of it like an online stockbroker, but for Bitcoin and other coins. You trust it to hold funds, process trades, and follow local rules.
A message on @Gemini 2.0 — AI, prediction markets, and focus.https://t.co/aObX0u5N7U
— Cameron Winklevoss (@cameron) February 5, 2026
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The company said it stretched itself too thin by operating in more than 60 countries. Demand in Europe and Australia never justified the cost. Gemini will close accounts in those regions by April 6, shifting users to withdrawal-only mode on March 5.
If you live there, this matters now. You must move funds or transfer balances through Gemini’s eToro partnership before the deadline.
Why Exchanges Are Shrinking Instead of Expanding
Running a crypto exchange is no longer cheap. Rules differ by country, licenses take time, and fines hurt. This regulatory pressure on exchanges pushes firms to pick their battles.
Bigger players with deep pockets keep expanding. Others retreat. You can see the contrast in how crypto exchange competition now favors firms that dominate a few regions rather than lightly cover many regions.
2022 reality check:
• Coinbase: −1,100 jobs (−18%)
• Kraken: −1,100 jobs (−30%)
• Cryptocom: −2,000 jobs (−30–40%)
• Gemini: −10% staff
• 60,000+ crypto jobs lost industry-wideMeanwhile Binance hired ~5,000 employees and grew headcount ~25% YoY.
Bear markets… pic.twitter.com/hymgqdhecY
— TCC🔶️ (@TCryptochicks) February 4, 2026
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Why Gemini Is Betting on Prediction Markets
Gemini plans to double down on prediction markets in the US. These are platforms where people trade on outcomes like elections or interest rate moves. Think of it as a stock market for future events.
The company earned approval from US regulators in December. Since then, it attracted over 10,000 users and $24 million in volume. Investors already value leaders in this niche at billions.
To everyone who said prediction markets are just sports, here’s the CEO of a $110b company:
1. Weather and temperature contracts are the most frequently traded
2. Utilities will soon hedge electricity and natural gas contracts using these marketsPrediction markets are already… pic.twitter.com/WUhFIBDCoo
— PJ (@Prithvir12) January 21, 2026
That explains the pivot. Gemini sees clearer rules and stronger demand at home than in regions affected by the UK’s crypto regulation crackdowns.
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