Gemini Exits UK, EU and Australia; Cuts 25% of Workforce

Gemini is retreating to its American fortress. The Winklevoss-owned exchange announced Thursday it will close all operations in the UK, the European Union, and Australia by April 6, 2026. The geopolitical pullback coincides with a 25% global headcount reduction, eliminating roughly 200 roles.

The move marks a total capitulation of Gemini’s expansion strategy in these jurisdictions. The exchange cited the need to “focus and double down on America” and Singapore, admitting the abandoned markets were “hard to win” due to regulatory complexity and operational drag. The restructuring arrives as Bitcoin struggles to hold $65,000, compounding pressure on crypto service providers.

The Exit Timeline

Users in the affected regions have less than 30 days to manage active positions. The wind-down proceeds in two strict phases:

• March 5, 2026: Accounts turn withdrawal-only. Trading, deposits, and staking end. Open perpetual futures positions must be closed or face forced liquidation at prevailing market rates.
• April 6, 2026: Total shutdown. Access to the platform will be revoked.

These foreign markets have proven hard to win in for various reasons and we find ourselves stretched thin with a level of organizational and operational complexity that drives our cost structure up.

Gemini has partnered with eToro to offer a migration path for stranded customers, though many users are expected to move assets to self-custody or competing local exchanges. The decision effectively hands market share in the UK, where Gemini had secured FCA registration, to rivals like Kraken and Coinbase.

The Cost of Compliance

The retreat signals a wider industry fracture. While the UK and EU have established clear frameworks like MiCA and the Financial Services and Markets Act, the cost of adhering to them has become prohibitive for firms without dominant market share. Gemini’s quarterly loss of $159.5M, reported in filings associated with the restructuring, likely forced the decision. The exchange is choosing to preserve capital for the U.S. market rather than bleed cash fighting for single-digit market share in Europe.

This is a warning shot for mid-tier exchanges. If a well-capitalized incumbent like Gemini cannot make the unit economics work in the UK and Australia, smaller platforms facing the same compliance bills may be next to fold.