Gemini’s Bloodbath: Crypto Exchange Slashes Staff and Abandons Key Markets 🌪️
The crypto winter just claimed another high-profile casualty. In a stunning reversal of fortune, the Winklevoss twins' crypto exchange Gemini is making drastic cuts to stay alive—and the numbers are brutal.
The exchange plans to reduce its workforce by as much as 25%, following earlier layoffs that already trimmed the team. But the personnel cuts are just the beginning. In a strategic retreat that signals deeper trouble, Gemini is completely pulling out of three major regions: the United Kingdom, the European Union, and Australia. That’s right—one of America's best-known crypto platforms is abandoning some of the most developed crypto markets on the planet.
The financial toll is equally staggering. Since going public to much fanfare, Gemini’s valuation has cratered by over 80% from its post-IPO peaks, according to Bloomberg. For context, we're talking about a company that was once valued at over $7 billion during the 2021 bull run.
What’s driving this exodus? The regulatory environment has grown increasingly hostile overseas, particularly in the UK where the Financial Conduct Authority has been cracking down on crypto promotions. Meanwhile, the exchange is also dealing with the aftermath of its failed Gemini Earn program, which left users unable to access funds when Genesis Global Capital collapsed last year. That debacle not only damaged trust but also triggered investigations and lawsuits.
For the twins who once graced magazine covers as crypto’s first billionaires, this marks a humbling chapter. They’re now fighting battles on multiple fronts—soothing angry customers, navigating regulatory minefields, and trying to keep their once-soaring business from sinking further.
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