Gemini said on February 5, 2026, that it would cut 25 percent of its global workforce. The exchange would also shut down trading in the UK, the European Union and Australia, CoinDesk reported on February 5, 20262. It would keep only its US and Singapore businesses. Customer accounts in the exiting regions would enter withdrawal-only mode on March 5, 2026, ahead of full closures in April. Founders Tyler and Cameron Winklevoss tied the retrenchment to a bet on prediction markets, which they said could eventually "rival or surpass traditional capital markets".
Six of Gemini's 10 leadership moves on the record came in 2026, its busiest year
Leadership moves CryptoLately has verified at Gemini, by year
- 2026: 6
- 2019, 2020, 2021, 2022, 2023, 2024, 2025
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2019 | 2 |
| 2020 | 0 |
| 2021 | 0 |
| 2022 | 1 |
| 2023 | 0 |
| 2024 | 0 |
| 2025 | 1 |
| 2026 | 6 |
18 rounds of layoffs on the record in 2026, the most of any year
Rounds of layoffs CryptoLately has verified, by year; 2026 through Oct. 2, 2026
- 2026: 18
- 2019, 2020, 2021, 2022, 2023, 2024, 2025
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2019 | 2 |
| 2020 | 0 |
| 2021 | 0 |
| 2022 | 11 |
| 2023 | 12 |
| 2024 | 6 |
| 2025 | 5 |
| 2026 | 18 |
The move
Gemini's own post framed the cuts as a size fix for an AI era. "In 2022, our workforce peaked around approximately 1,100," the Winklevoss brothers wrote. “Heading into the end of 2025, we were about 50% of that size. Today, we are reducing our size again by roughly 25%.”1 Gemini partnered with brokerage platform eToro to help affected customers move their assets before the shutdowns, CoinDesk reported2.
The founders named their reasoning directly. “The reality is that America has the world's greatest capital markets and America has always been where it's at for Gemini,” they wrote. “So it's time for Gemini to focus and double down on America.”1 Gemini had expanded into more than 60 countries since 2015. The post called those foreign markets "hard to win in".
Gemini before and after
A public listing had come in September 2025, and by February 5, 2026, Gemini's shares had fallen amid a broader crypto downturn, CoinDesk reported2. Before the cuts, Gemini ran trading operations across the UK, the EU and Australia, alongside its US and Singapore businesses. On February 17, 2026, twelve days later, Marshall Beard left as chief operating officer3. Gemini said it would leave the post empty, with Cameron Winklevoss taking over many of its duties.
What to watch
Two numbers will show whether the bet works. Gemini Predictions had logged more than 10,000 users trading over $24 million since its mid-December 2025 launch, the founders wrote. A reader can track that figure against future disclosures1. The other marker is Gemini's share price, which CoinDesk reported on February 5, 2026, had fallen since the September 2025 listing2.
Sources
- Tyler and Cameron Winklevoss, "Gemini 2.0: A Bridge to the Future of Money and Markets," Gemini, February 5, 2026, https://www.gemini.com/en-GB/blog/gemini-2-0-a-bridge-to-the-future-of-money-and-markets
- Olivier Acuna, Will Canny, "Gemini to exit U.K., EU and Australia, reduce staff by 25%, and focus on U.S. and prediction markets," CoinDesk, February 5, 2026, https://www.coindesk.com/markets/2026/02/05/gemini-to-exit-u-k-eu-and-australia-reduce-staff-and-focus-on-u-s-and-prediction-markets
- Olivier Acuna, "Gemini ousts COO, CFO and Chief Legal Officer after international exit and 25% staff cuts," CoinDesk, February 17, 2026, https://www.coindesk.com/business/2026/02/17/gemini-stock-plunges-after-it-parts-ways-with-coo-cfo-and-chief-legal-officer-months-after-ipo