On 5 February, the Gemini platform announced its intention to withdraw from the European market. As a result, 200 of the company’s 500 employees are set to lose their jobs. According to 2022 figures, the workforce was 1,100; after the announced cuts, it will drop to 400.
A plan to refocus on the US
Founded by billionaire twins Cameron and Tyler Winklevoss, Gemini aims to concentrate on the US market.
“The reality is that America has the largest capital markets in the world, and it has always been the place to be for Gemini,” the twins said in a statement. “It is time for Gemini to focus and redouble its efforts in the United States.”
The company explained that foreign markets “have proven difficult to conquer for a variety of reasons” and that demand in these regions is insufficient to justify long-term investment.
A strategic shift towards prediction markets
Another objective of this plan is to move focus from current capital markets to price prediction markets.
“Our thesis is that prediction markets will be as significant as, if not more significant than, current capital markets,” the twins said. “Our investment in obtaining a licence to launch our own prediction market platform establishes us as an early player in this exciting new frontier.”
The company launched its price prediction market platform in mid-December. It has attracted 10,000 users, who have traded $24 million on the platform. According to the twins, the arrival of artificial intelligence has increased engineers’ productivity by a factor of 100, supporting this expansion.
European, UK, and Australian clients of Gemini should plan accordingly
An email seen by CoinDesk, which specifically mentions the UK, states: “From 5 March onwards, all customer accounts in these regions will be placed in withdrawal mode.”
To facilitate withdrawals, Gemini has partnered with the eToro platform. Customers will need to register with eToro to access their funds. Additionally, Gemini has asked clients to cancel recurring orders and refrain from making deposits.
This withdrawal from the market contradicts steps announced in October 2025, when the company appointed James Logan as head of the Australian division and registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
The company reported a loss of £159.5 million for the period ending September 2025 and expects to incur £11 million in pre-tax restructuring costs during the first half of 2026. The restructuring process is anticipated to conclude within the same period.
This plan comes amid a massive correction in cryptocurrencies since the start of the year. Bitcoin has fallen by around 40% since its October 2025 peak, putting pressure on trading platforms dependent on trading volumes. Consequently, Gemini’s shares have dropped 23% since the start of 2025, with a further 2.8% decline last Thursday.
Key takeaways for platform users
Gemini is strategically refocusing on the US market and withdrawing from Europe, the UK, and Australia. Customers in these regions will need to make their own arrangements.
For the UK market, the platform has announced that accounts will be switched to withdrawal mode on 5 March and permanently closed in April. Customers who open an account with eToro before 6 April will be able to withdraw their funds.
