Gemini Space Station Inc. (GEMI) is ending its operations in the United Kingdom, the European Union (EU) and Australia.
The crypto exchange is also cutting its staff by 25%, according to a blog post published Thursday that suggests it is focusing its resources on prediction markets.
“Effective April 6, 2026, Gemini will cease operations in the United Kingdom,” the cryptocurrency trading platform said in an email sent to customers seen by CoinDesk that did not mention Australia or Europe. “Starting March 5, 2026, all customer accounts in these regions will be placed in withdrawal mode. »
New York-based Gemini said it has partnered with brokerage platform eToro to help clients with their exit process. It asked customers to register with eToro so that it can “help you transfer your assets.” Full closures of all accounts will follow in April, the New York-based company said. New account creation and incentive programs will also be disabled.
Crypto stocks lagged broader markets as risk sentiment shifted in early 2026. While major stock indexes posted gains, major stocks linked to digital assets fell, reflecting waning investor appetite and tightening liquidity. This underperformance highlights a withdrawal of speculative capital from stocks linked to cryptocurrencies.
Tyler and Cameron Winklevoss, CEO and president of Gemini, cited difficulties gaining traction in the British, European and Australian markets as the reason for their withdrawal, while saying the United States has been great to them.
“The reality is that America has the largest capital markets in the world and America has always been where it is for Gemini,” they said. “So it’s time for Gemini to focus and redouble our efforts on America.”
Tyler and Cameron also shared their view that prediction markets would overtake capital markets, saying they were considering venturing into this sector.
“Our thesis is that prediction markets will be as large, if not larger, than current capital markets,” they said. “Our investment in obtaining a license to launch our own prediction marketplace positions us as a front-runner in this exciting new frontier. »
They added that more than 10,000 users have traded more than $24 million since Gemini Predictions launched in mid-December.
Gemini, which went public in September, has seen its shares fall about 23% since the start of 2025 amid a broader decline in cryptocurrency prices. The stock was down 2.8% on Thursday.
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