Gemini (GEM) to Lay Off Up to 200 Workers, Exit Europe and Australia by H1 2026

Gemini Space Station, the cryptocurrency exchange founded by the Winklevoss twins, announced it will cut up to 200 global jobs and operate only in the U.S. and Singapore, part of a broader cost-reduction plan. Layoffs will impact teams in Europe, the U.S., and Singapore, with the company expected to substantially complete the reductions and wind down operations in the UK and the rest of the EU, other European jurisdictions, and Australia by the first half of 2026, subject to local legal requirements. The restructuring is expected to generate about $11 million in pre-tax charges, largely cash, in the first quarter, covering severance, notice pay, facility exit costs, contract terminations, and professional fees. The company's shares fell about 6% in early trading, closing roughly 73.8% below the $28 IPO offer price from September.