Cryptocurrency exchange Gemini Space Station has announced plans to reduce its workforce by up to 25 per cent and wind down operations in Australia, the UK, and the European Union. The company cited a strategic move to cut costs and improve overall profitability as the primary driver for the decision. Gemini is a cryptocurrency exchange that allows users to buy, sell, and store various digital assets. It also provides crypto-related services like staking and custody solutions.
The cuts are expected to impact as many as 200 roles across Gemini’s global operations. The New York-headquartered exchange noted that the staff reductions will also affect employees in the United States and Singapore, reflecting a broad restructuring effort. A filing on Thursday detailed the scope of the planned changes and their anticipated timeline.
Gemini estimates that the restructuring will result in pre-tax charges of approximately $US11 million. The company expects to substantially complete its plan during the first half of 2026, indicating a phased approach to the workforce reductions and regional withdrawals.
In a support notice issued on Thursday, Gemini stated that all customer accounts in the UK, EU, and Australia would be placed in withdrawal-only mode starting March 5. Full closures of accounts in these regions are scheduled to follow a month later. Furthermore, the creation of new accounts and all incentive programs will be disabled in these regions effective immediately.
