Gemini (NASDAQ: GEMI) is effectively abandoning the European and Australian markets. In a regulatory filing submitted Thursday, the exchange confirmed it will close all customer accounts in the UK, EU, and Australia by April 6, 2026. The geopolitical retreat coincides with a 25% reduction in its global workforce, approximately 200 employees, as the Winklevoss-led firm attempts to stem losses amid a prolonged crypto winter.
The Withdrawal Timeline
Liquidity for affected users is now on a strict timer. According to the 8-K filing, accounts in the exited regions will enter a "withdrawal-only" state on March 5, 2026. Trading, staking, and deposits will cease immediately on that date.
Users have until April 6 to clear their balances. The exchange has directed displaced customers to transfer assets to self-custody wallets or eToro, which has established a partnership to absorb Gemini’s orphaned user base. Any funds remaining after the deadline face potential liquidation or complex recovery processes under local laws.
The "AI Pivot" and Financial Distress
The contraction reflects a stark reality for Gemini, which went public in late 2025 but has struggled to maintain momentum. The stock (GEMI) has hovered around $7.50, weighed down by weak profitability and a Bitcoin spot price that has stalled near $90,000, down nearly 30% from its October 2025 peak of $126,000.
Management cited "limited demand" and "regulatory complexity" in Europe as primary drivers for the exit. Instead, the firm is reallocating capital toward its US-licensed prediction market, Gemini Predictions, and AI-integrated trading tools. The restructuring will cost approximately $11 million in severance and exit fees, most of which will hit the balance sheet in Q1.
"This decision reflects productivity gains from AI and the need for a leaner, faster organization," the founders wrote in a blog post accompanying the filing.
The move leaves Gemini almost entirely dependent on the US and Singapore markets, a high-stakes bet given the saturation of American exchanges and the looming expiration of the "Crypto President" regulatory honeymoon.
