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Winklevoss Twins' Gemini Crypto Exchange Cuts 25% of Workforce as Bitcoin Slumps
Gemini to end operations in UK, EU and Australia amid sustained crypto market downturn
Feb. 5, 2026 at 4:31pm
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Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is cutting up to 25% of its global workforce and shutting down operations in the United Kingdom, European Union and Australia. The layoffs will impact around 200 employees across Gemini's offices as the company looks to "double down on America" and focus on serving US customers amid a sustained slump in bitcoin and crypto prices.
Why it matters
The Winklevoss twins' decision to scale back Gemini's global footprint and workforce reflects the broader challenges facing the cryptocurrency industry as digital asset prices have plummeted. Gemini has struggled to maintain a large customer base since its launch and has faced regulatory scrutiny, underscoring the volatility and uncertainty in the crypto market.
The details
Gemini said the layoffs and international market exits would allow the company to streamline operations and reduce costs. The crypto exchange reported a worse-than-expected quarterly loss of $159.5 million in its first public earnings report in November 2025. Gemini has also sought to diversify beyond just cryptocurrencies, launching its own prediction market platform to compete with rivals like Kalshi.
- Gemini announced the layoffs and international market exits on February 5, 2026.
- Bitcoin's price plunged below $70,000 for the first time since November 2024 on February 2, 2026, as the broader crypto market experienced a sustained selloff.
- Gemini's stock has fallen roughly 85% since hitting an all-time high of $45.89 on September 12, 2025, shortly after its public trading debut.
The players
Cameron Winklevoss
Co-founder and co-CEO of Gemini, the cryptocurrency exchange.
Tyler Winklevoss
Co-founder and co-CEO of Gemini, the cryptocurrency exchange.
Gemini
A cryptocurrency exchange founded by the Winklevoss twins, known for their legal battle with Mark Zuckerberg over the origins of Facebook.
What they’re saying
“These foreign markets have proven hard to win in for various reasons and we find ourselves stretched thin with a level of organizational and operational complexity that drives our cost structure up and slows us down. And we don't have the demand in these regions to justify them.”
— Cameron and Tyler Winklevoss, Co-founders and co-CEOs of Gemini
What’s next
Gemini expects to complete the layoffs and end operations in the UK, EU and Australia by the first half of 2026.
The takeaway
Gemini's decision to scale back its global footprint and workforce reflects the broader challenges facing the cryptocurrency industry as digital asset prices have plummeted. The Winklevoss twins' crypto exchange has struggled to maintain a large customer base and faced regulatory scrutiny, underscoring the volatility and uncertainty in the crypto market.
