Winklevoss’ Gemini to cut 200 jobs, shut down operations in Australia, UK and EU
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The news: Cryptocurrency exchange Gemini Space Station will cut up to 200 jobs around 25% of its global workforce, and wind down operations in the UK, European Union and Australia.
The Cameron and Tyler Winklevoss-founded crypto exchange said the move would reduce costs and put the company on a path to profitability.
The cuts will impact up to 200 employees in Europe, the US and Singapore, and expects “the plan” to be largely completed by in the first half of the year.
In a blog post, the Winklevoss twins said the affected markets had “proven hard to win in for various reasons” and that the business was “stretched thin” by organisational and operational complexity that increased costs and slowed execution.
Gemini will continue to operate only in the US and Singapore, it said.
Customer accounts in the UK, EU and Australia will be placed in withdrawal-only mode from 5 March, with full account closures a month later, Bloomberg reported citing a support notice.
The numbers: The company said it expects to incur approximately USD11 million ($15.8 million) in pretax charges related to the restructure in the first quarter. Gemini posted a USD159.5 million loss in the quarter ending 3 September.
Its stock has fallen 26% since the start of 2025 and dropped 6.3% to USD6.88 after the announcement on Thursday, New York time.
The sources: Gemini blog, Gemini SEC filing, Bloomberg, The Wall Street Journal
