Gemini Retreats from Europe and Australia, Eyes Prediction Markets and U.S. Dominance
Crypto exchange Gemini is significantly scaling back its international presence, announcing the closure of its operations in the United Kingdom, the European Union, and Australia. This strategic shift, effective March and April 2026, involves a 25% staff reduction and a decisive pivot towards strengthening its foothold in the United States and exploring the burgeoning prediction markets.
Key Takeaways
- Gemini is ceasing operations in the UK, EU, and Australia by April 2026.
- Customer accounts in these regions will enter withdrawal mode starting March 5, 2026.
- The company is reducing its global workforce by 25%.
- Gemini plans to focus resources on the U.S. market and prediction markets.
- Partnership with eToro will facilitate customer asset transfers.
International Exit and U.S. Focus
Gemini announced that effective April 6, 2026, it will cease operations in the United Kingdom. Customers in the UK, EU, and Australia were notified via email that their accounts would be placed in withdrawal mode starting March 5, 2026. The exchange has partnered with brokerage platform eToro to assist customers in transferring their assets, with full account closures to follow in April. New account creation and incentive programs in these regions will also be discontinued.
Co-founders Tyler and Cameron Winklevoss cited difficulties in gaining traction in these international markets as the primary reason for the withdrawal. They emphasized the strength of the U.S. capital markets, stating, "America has the world’s greatest capital markets and America has always been where it’s at for Gemini. So it's time for Gemini to focus and double down on America."
Embracing Prediction Markets
Beyond its U.S. focus, Gemini is making a significant strategic bet on the future of prediction markets. The Winklevoss twins expressed a strong conviction that these markets will eventually rival or surpass traditional capital markets in size. Gemini has already invested in securing a license to launch its own prediction marketplace, aiming to be an early mover in this emerging sector.
Early results from Gemini Predictions, launched in mid-December, have been promising, with over 10,000 users trading more than $24 million. This venture into prediction markets signals a diversification strategy and a belief in new avenues for speculative capital.
Market Context and Stock Performance
The decision comes amid a broader downturn in the cryptocurrency market, which has seen crypto-linked equities underperform major stock indices. Since the start of 2025, Gemini's shares have fallen approximately 23%, reflecting a general shift in investor sentiment away from speculative assets and a tightening liquidity environment. The stock experienced a 2.8% decline on Thursday.