Gemini Space Station Inc. (GEMI) is closing operations in the United Kingdom, the European Union (EU), and Australia.
The crypto exchange is also reducing its staff by 25%, according to a Thursday blog post that suggests it is focusing resources on prediction markets.
“As of April 6, 2026, Gemini will cease operations in the United Kingdom,” the crypto trading platform said in an email sent to customers seen by CoinDesk that did not mention Australia or Europe. “Starting March 5, 2026, all customer accounts in these regions will be put into withdrawal mode.”
New York-based Gemini stated that it had partnered with brokerage platform eToro to help clients with their deregistration process. He instructed clients to register with eToro so he could “help transfer their assets.” Complete closures of all accounts will take place in April, the New York-based company said. Incentive programs and creation of new accounts will also be deactivated.
Crypto stocks have lagged broader markets as risk sentiment shifted in early 2026. While major stock indices have posted gains, major stocks linked to digital assets have fallen, reflecting lower investor appetite and increasingly tight liquidity. This underperformance underscores a reduction in speculative capital for crypto-linked stocks.
Tyler and Cameron Winklevoss, CEO and president of Gemini, cited difficulties in gaining traction in the UK, European and Australian markets as the reason for exiting them, while saying the US has been excellent to them.
“The reality is that the United States has the largest capital markets in the world and the United States has always been where it is for Gemini,” they said. “So it’s time for Gemini to focus and double down on America.”
Tyler and Cameron also shared their view that prediction markets would outperform equity markets and said they plan to venture into this sector.
“Our thesis is that prediction markets will be as large or larger than current capital markets,” they said. “Our investment in obtaining a license to launch our own prediction market positions us as one of the first to advance this exciting new frontier.”
They added that more than 10,000 users have traded more than $24 million since Gemini Predictions debuted in mid-December.
Gemini, which went public in September, has seen its shares fall about 23% since the beginning of 2025 amid a broader decline in cryptocurrency prices. The stock was down 2.8% on Thursday.
Read more: SEC Dismisses Lawsuit Against Winklevoss Twin-Backed Billionaire Gemini Over Earn Product
