--- title: "Gemini Cuts 200 Jobs | Metaintro" canonical: "https://www.metaintro.com/blog/gemini-layoffs-winklevoss-europe-exit-2026" language: "en" author: "drashtigarach" published: "2026-02-06T11:30:00.000Z" modified: "2026-10-02T19:15:36.747Z" --- [Back to Blog](/blog) [Layoffs](/blog/tag/layoffs)[Information](/blog/tag/information)[News](/blog/tag/news) # Gemini Cuts 200 Jobs: Winklevoss Twins Exit Europe Amid Crypto Downturn Gemini announces 200 layoffs and exits UK, EU, and Australia as Winklevoss twins pivot to U.S. operations and prediction markets amid crypto downturn. [![Drashti Garach](https://cdn.metaintro.com/rs:fill:40:40/q:72/plain/images/5719d740-e510-42bc-8017-e040d145f35f_1766029465094.png)Drashti Garach @DrashtiGarach](/blog/author/drashtigarach) [February 6, 2026](/blog/archive/2026/02)Updated October 2, 20267 min read ![Gemini Cuts 200 Jobs: Winklevoss Twins Exit Europe Amid Crypto Downturn](https://cdn.metaintro.com/rs:fill:1200:675/q:78/plain/images/office-79.png) [https://x.com/intent/tweet?text=Gemini%20Cuts%20200%20Jobs%3A%20Winklevoss%20Twins%20Exit%20Europe%20Amid%20Crypto%20Downturn&url=https%3A%2F%2Fwww.metaintro.com%2Fblog%2Fgemini-layoffs-winklevoss-europe-exit-2026](https://x.com/intent/tweet?text=Gemini%20Cuts%20200%20Jobs%3A%20Winklevoss%20Twins%20Exit%20Europe%20Amid%20Crypto%20Downturn&url=https%3A%2F%2Fwww.metaintro.com%2Fblog%2Fgemini-layoffs-winklevoss-europe-exit-2026)[http://www.facebook.com/sharer.php?u=https%3A%2F%2Fwww.metaintro.com%2Fblog%2Fgemini-layoffs-winklevoss-europe-exit-2026](http://www.facebook.com/sharer.php?u=https%3A%2F%2Fwww.metaintro.com%2Fblog%2Fgemini-layoffs-winklevoss-europe-exit-2026)[https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fwww.metaintro.com%2Fblog%2Fgemini-layoffs-winklevoss-europe-exit-2026&title=Gemini%20Cuts%20200%20Jobs%3A%20Winklevoss%20Twins%20Exit%20Europe%20Amid%20Crypto%20Downturn](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fwww.metaintro.com%2Fblog%2Fgemini-layoffs-winklevoss-europe-exit-2026&title=Gemini%20Cuts%20200%20Jobs%3A%20Winklevoss%20Twins%20Exit%20Europe%20Amid%20Crypto%20Downturn)[mailto:?subject=Gemini%20Cuts%20200%20Jobs%3A%20Winklevoss%20Twins%20Exit%20Europe%20Amid%20Crypto%20Downturn&body=https%3A%2F%2Fwww.metaintro.com%2Fblog%2Fgemini-layoffs-winklevoss-europe-exit-2026](mailto:?subject=Gemini%20Cuts%20200%20Jobs%3A%20Winklevoss%20Twins%20Exit%20Europe%20Amid%20Crypto%20Downturn&body=https%3A%2F%2Fwww.metaintro.com%2Fblog%2Fgemini-layoffs-winklevoss-europe-exit-2026) ## Gemini Cuts 200 Jobs as Winklevoss Twins Exit Europe [Gemini](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), the cryptocurrency exchange founded by Cameron and Tyler Winklevoss in 2014, announced on February 5, 2026 that it would slash up to **200 jobs** globally — approximately 25% of its workforce. The layoffs are part of a sweeping cost-cutting initiative that will also see the company exit multiple international markets. According to a [blog post from the Winklevoss twins](https://www.blockhead.co/2026/02/06/gemini-to-exit-europe-uk-and-australia-as-exchange-cuts-25-of-staff/), foreign markets "have proven hard to win in for various reasons" and created organizational complexity that drove up costs and slowed operations. The brothers stated Gemini lacks sufficient demand in those regions to justify continued investment. The layoffs will affect staff across [Europe, the U.S., and Singapore](https://www.tradingview.com/news/reuters.com,2026:newsml_L4N3Z11N8:0-crypto-exchange-gemini-plans-to-lay-off-up-to-200-staff-exit-europe-and-australia/), with the company expecting to complete restructuring by the first half of 2026. [Gemini estimates](https://www.globalbankingandfinance.com/crypto-exchange-gemini-plans-lay-off-up-200-staff-exit/) approximately **$11 million** in pre-tax restructuring charges. This marks the second major workforce reduction in recent years. The company previously [cut 50% of staff in 2025](https://www.tronweekly.com/gemini-layoffs-rise-exits-uk-eu-australia/), making this round particularly significant for remaining employees. ## Which Markets Is Gemini Leaving? The restructuring will see Gemini [wind down operations](https://www.bloomberg.com/news/articles/2026-02-05/gemini-to-shutter-uk-eu-australia-customer-accounts) in the United Kingdom, the European Union, and Australia, leaving the exchange to operate only in the **United States and Singapore**. According to [CoinDesk](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), customer accounts in affected regions will enter **withdrawal-only mode on March 5, 2026**, ahead of full closures in April. Gemini has partnered with [brokerage platform eToro](https://www.investing.com/news/stock-market-news/crypto-exchange-gemini-plans-to-lay-off-up-to-200-staff-exit-europe-and-australia-4488402) to offer transfer support and bonus incentives for customers moving their funds. **Timeline:** - **March 5, 2026**: Customer accounts enter withdrawal-only mode - **April 6, 2026**: All customer accounts in UK, EEA, and Australia fully closed - **First half 2026**: Layoffs and wind-downs substantially complete ## Stock Collapse Since IPO Gemini went public on the [Nasdaq Global Select Market on September 12, 2025](https://robinhood.com/us/en/stocks/GEMI/), raising approximately $425 million at a $28 share price. The stock initially surged to an all-time high of **$45.89** on debut — but the celebration was short-lived. As of February 2026, [GEMI stock trades around $6.81](https://stocktwits.com/news-articles/markets/equity/why-did-gemi-stock-fall-to-record-low/cZbZWbRR4VC), representing a **73.8% decline** from its IPO price. Market capitalization has shrunk to approximately $790 million from over $3 billion at launch. The stock's collapse accelerated after Gemini's [first post-IPO earnings report](https://www.coindesk.com/business/2025/11/11/gemini-slumps-after-missing-earnings-estimates-in-first-report-since-ipo) revealed a **$159.5 million quarterly loss** — far worse than the $3.24 per share loss analysts expected. [Fortune reported](https://fortune.com/2025/11/11/shares-of-winklevosss-gemini-sag-as-crypto-firm-losses-grow/) losses widened to $6.67 per share, sending investors fleeing. The poor performance mirrors a broader trend among [crypto-linked equities](https://coincentral.com/gemini-gemi-stock-falls-as-company-cuts-25-of-workforce/), which have lagged major indices as risk sentiment shifted in early 2026. ## The AI Claim: 100x Productivity? In a controversial statement accompanying the layoff announcement, Tyler and Cameron Winklevoss [attributed part of the downsizing](https://startupnews.fyi/2026/02/06/gemini-job-cuts-exit-europe-australia/) to efficiency gains from artificial intelligence tools. The twins claimed AI has "expanded engineer productivity by **100 times** compared to previous benchmarks." This assertion joins a growing chorus of companies citing AI as justification for workforce reductions. According to [Challenger, Gray & Christmas](https://www.interviewpal.com/blog/january-2026-layoffs-the-full-list-of-companies-that-cut-jobs-this-month), companies pointed to AI in announcing **55,000 job cuts in 2025** — more than 12 times the number just two years earlier. However, [Deutsche Bank analysts](https://fortune.com/2026/02/02/ai-labor-market-yale-budget-lab-ai-washing/) have raised concerns about "AI washing" — falsely attributing layoffs to artificial intelligence rather than other business factors. They warned "AI redundancy washing will be a significant feature of 2026." The 100x productivity claim is notable given most AI benchmarks suggest more modest efficiency improvements in the **20-40% range** for typical engineering tasks. ## SEC Lawsuit Finally Dismissed One bright spot: the resolution of Gemini's legal troubles. On January 23, 2026, [the SEC formally dismissed](https://www.coindesk.com/policy/2026/01/23/sec-dismisses-lawsuit-against-gemini-over-earn-product) its civil enforcement action against Gemini over the Gemini Earn crypto lending program. The case, [filed in January 2023](https://www.theblock.co/post/386931/sec-to-dismiss-gemini-earn-lawsuit-with-prejudice-after-full-investor-recovery-ending-three-year-battle), alleged Gemini Earn constituted an unregistered securities offering. The dismissal — filed **with prejudice**, meaning the SEC cannot bring the same claims again — was facilitated by complete investor recovery. According to [Baker McKenzie's analysis](https://blockchain.bakermckenzie.com/2026/01/27/the-rise-and-fall-of-the-secs-case-against-the-winklevosss-gemini/), the path to dismissal included: - Genesis paid **$21 million** to the SEC - Gemini paid **$37 million** to NYDFS - Gemini contributed **$40 million** to Genesis bankruptcy for customer recovery Through [Genesis Global Capital's bankruptcy](https://www.gemini.com/earn), Gemini Earn customers received full return of crypto assets — approximately **$2 billion** returned via restructuring. The dismissal adds to [SEC crypto enforcement retreats](https://www.dlnews.com/articles/regulation/sec-to-dismiss-winklevoss-twins-gemini-earn-lawsuit/) under Chairman Paul Atkins. The agency has dropped cases against Coinbase, Kraken, Ripple, and others. ## How Gemini Compares to Other Crypto Layoffs Gemini's reduction comes amid [continued turbulence](https://www.coinspeaker.com/okx-layoffs-institutional-restructuring-2026/) in the cryptocurrency industry. **Recent crypto exchange layoffs:** - **Gemini (Feb 2026)**: 200 jobs, 25% of workforce - **OKX (Jan 2026)**: 30-50% of institutional staff - **Gemini (2025)**: ~400 jobs, 50% of workforce According to [TrueUp's layoff tracker](https://www.trueup.io/layoffs), 2026 has seen 66 layoffs at tech companies with 27,348 people impacted — averaging 760 per day. This follows 2025's 783 layoffs affecting 245,953 workers. [Challenger, Gray & Christmas reports](https://www.techopedia.com/crypto-layoffs-round-up) January 2026 recorded **108,435 job cuts** across U.S. companies — a 118% increase year-over-year and the highest January total since 2009. ## What's Next for Gemini? Despite restructuring pain, the Winklevoss twins outlined an [ambitious future vision](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) centered on the U.S. market and prediction markets. Gemini launched [Gemini Predictions](https://finance.yahoo.com/news/gemini-slashes-staff-exits-europe-155934874.html) in mid-December 2025, attracting over 10,000 users who traded more than **$24 million**. The twins believe prediction markets "could eventually rival or surpass traditional capital markets." The strategic pivot reflects [geographic consolidation](https://uk.marketscreener.com/news/crypto-exchange-gemini-plans-to-lay-off-up-to-200-staff-exit-europe-and-australia-ce7e5ad8d880ff23) may be necessary for cryptocurrency exchanges to achieve profitability. Rather than spreading resources across multiple regulatory jurisdictions, Gemini is betting concentrated U.S. focus will yield better returns. [Truist analyst Matthew Coad](https://www.marketscreener.com/news/winklevoss-twins-crypto-exchange-gemini-plans-to-cut-200-jobs-ce7e5ad8da8cf025) endorsed the shift: "We believe streamlining the business is the right decision for the long-term." However, he cautioned "management must shift strategy from investing to regain market share to staying afloat during a crypto downturn." ## What This Means for Crypto Workers For professionals in cryptocurrency, the Gemini layoffs underscore the [volatile nature of crypto employment](https://cointelegraph.com/news/crypto-jobs-market-holding-up-despite-tech-industry-cutbacks). The industry has experienced boom-and-bust hiring cycles. According to [IEEE-USA's 2026 Tech Hiring Outlook](https://insight.ieeeusa.org/articles/2026-tech-hiring-outlook/), tech job listings remain down **35%** from pre-pandemic levels. The report describes the environment as "more of a continued holding pattern." **In-demand skills for crypto/fintech in 2026:** - Data management and analytics - AI implementation and machine learning - Cybersecurity engineering - Regulatory compliance expertise [TheStreet Crypto](https://www.thestreet.com/crypto/jobs/popular-crypto-company-announces-layoffs) advises crypto professionals to watch for warning signs: hiring freezes, declining revenue, and geographic market exits — all of which preceded Gemini's layoffs. ## People Also Asked **Q: How many employees does Gemini have after layoffs?** A: After cutting 200 jobs (25% of workforce), Gemini will have roughly **600 employees** remaining, primarily in the U.S. and Singapore. This follows a 50% reduction in 2025, meaning the company has eliminated roughly **62.5%** of peak headcount over two years. **Q: Is Gemini shutting down?** A: No. Gemini is consolidating to the U.S. and Singapore while exiting UK, EU, and Australia. [Customer accounts in affected regions](https://finance.yahoo.com/news/crypto-exchange-gemini-plans-lay-143815570.html) enter withdrawal-only mode March 5, 2026 with full closures by April 6. U.S. customers retain full access. **Q: Why did GEMI stock drop so much since IPO?** A: [GEMI fell 73.8%](https://stocktwits.com/news-articles/markets/equity/why-did-gemi-stock-fall-to-record-low/cZbZWbRR4VC) from its $28 IPO due to: a $159.5 million quarterly loss exceeding expectations, broader crypto market downturn following October 2025's flash crash, and now significant layoffs and market exits. --- Looking for your next opportunity? 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