Gemini (GEMI) Cuts Jobs, Shuts EU and Australia Amid Prediction Market Shift

Gemini (GEMI) is phasing out operations in the UK, European Union, and Australia, closing accounts on March 5 and April 6, and cutting 25% of its workforce. The reductions aim to lower costs and focus on clearer opportunities in the U.S. prediction markets and crypto. “We find these foreign markets increasingly complex and unprofitable,” the Winklevoss twins wrote. “We’re shifting to a leaner model to power efficiency and growth.” Gemini’s U.S. prediction market, licensed in December, has attracted over 10,000 users and $24 million in trading volume. Shares fell 7.5% to $6.77 on Thursday, down about 313% from the $28 offering price in September. The firm also closed Nifty Gateway last week.