Cryptocurrency exchange Gemini said on Thursday it has approved a plan to cut up to 200 jobs globally and wind down operations outside the United States and Singapore, marking a major restructuring move as costs rise across the sector.
The layoffs, which will impact about a quarter of the company’s workforce, will affect staff across Europe, the U.S. and Singapore. The move comes as many U.S. companies, including those in technology and finance, implement job cuts to sharpen operational focus amid volatile market conditions.
Gemini Job Cuts to Reshape Global Footprint
Gemini said the workforce reductions are part of a broader effort to streamline its business and concentrate on fewer markets. The company expects to substantially complete the layoffs by the first half of 2026, subject to local legal and consultation requirements.
The crypto exchange estimates it will incur around $11 million in pre-tax restructuring and related charges, largely in cash. These costs are tied to severance, notice pay, employee benefits, facility exits, contract terminations and professional fees, with most charges expected to be recorded in the first quarter.
Operations to Focus on US and Singapore
Alongside the job cuts, Gemini said it will wind down operations in the United Kingdom, the European Union, other European jurisdictions and Australia. Once completed, the company will operate solely in the U.S. and Singapore.
Gemini did not provide a detailed explanation for exiting these regions but said the move reflects a strategic decision to focus on core markets under its cost-cutting plan.
Shares Fall After Restructuring Announcement
Shares of the New York-based company fell about 6% in early trading following the announcement. As of Wednesday’s close, the stock was down roughly 73.8% from its $28 offer price at its September initial public offering.
Gemini was founded by Cameron and Tyler Winklevoss, who gained prominence after a legal settlement with Facebook and its chief executive Mark Zuckerberg. The twins later earned the nickname “Bitcoin twins” after investing part of their settlement proceeds in cryptocurrency, becoming among the industry’s earliest crypto billionaires.
