In a striking reversal of its global expansion strategy barely a year after launching regulated services in the European Union, cryptocurrency exchange Gemini is dismantling its presence in the UK, EU and Australia while cutting roughly 25 % of its global workforce, in a move that underscores the deep challenges facing the digital‑asset sector.
The New York‑based exchange, founded by Cameron and Tyler Winklevoss, confirmed this week that it plans to shut down all customer accounts in the UK, European Union and Australia by April 6, 2026, placing affected accounts in “withdrawal‑only mode starting March 5, 2026.” Customers will no longer be able to execute trades or deposit funds after March 5 and must withdraw their crypto and fiat balances before the full closure date.
What makes the retreat particularly notable is how recently Gemini had secured a foothold in Europe: in August 2025, the company received a Markets in Crypto‑Assets (MiCA) licence from the Malta Financial Services Authority, enabling it to operate across all EU member states under the bloc’s unified regulatory framework. That approval was seen as a major step for mainstream crypto firms seeking regulatory legitimacy in Europe following the implementation of MiCA at the end of 2024.
Despite that milestone, the combination of weaker trading activity in the broader crypto market, high compliance and operational costs, and slower‑than‑expected customer uptake in these regions appears to have shifted Gemini’s calculus. Industry reports indicate that the firm has struggled to justify the expense and complexity of maintaining regulated services abroad amid a prolonged market downturn.
Analysts say the layoffs and withdrawal align with a trend among digital‑asset platforms that are scaling back international ambitions to preserve liquidity and focus on more profitable segments. Gemini’s latest internal shakeup follows multiple rounds of cost‑cutting efforts since 2022.
Under the withdrawal schedule, customers in affected regions must move funds or close positions before service is terminated, while the company has suggested partnerships with other exchanges to ease the transition.
