Gemini Pulls a Houdini: Exits Markets, Embraces Predictions, and Cuts Staff!

by

Key Highlights

  • Surprise! Gemini is waving goodbye to the UK, EU, and Australia. Adios, rising operational costs!
  • Mark your calendars: Affected accounts go into “withdrawal-only” mode on March 5-like that friend who only shows up for free food.
  • The Winklevoss twins are switching gears to turn Gemini into a “decentralized predictions platform.” Because why not? Who doesn’t love a little chaos?

So, here’s the scoop: Gemini, that cryptocurrency exchange founded by our favorite twin duo, is pulling out of major international markets. Yep, they’re trading in their globe for a crystal ball with something called Gemini Predictions. Sounds fancy, right?

In a shocking twist (not really), they’ve decided to lay off about 25% of their workforce-about 200 employees. Just in time for those awkward “let’s have a chat” meetings!

Escalating financial pressures

This genius move comes right when Gemini is swimming in financial troubles, having lost a whopping $159.5 million last November. Oops! Guess Bitcoin took a nosedive and dragged them down with it.

Attention, affected customers: Your accounts will be all “withdrawal-only” starting March 5. Complete shutdown is on the horizon for April 6. So, if you’ve got crypto or fiat assets just hanging around, it’s time to play a game of “catch and withdraw”!

If you’re eyeing greener pastures, fear not! Gemini has teamed up with eToro, throwing in some delightful signup bonuses. Because who doesn’t love a little incentive when jumping ship?

Oh, and let’s not forget about the global staff cuts. It’s a real world tour of layoffs-everyone’s invited, from the U.S. to Singapore!

Operational costs and digital assets

The Winklevosses said foreign markets are just too messy and costly to handle. So, they’re simplifying their business model. I mean, who needs complexity when you can just pack your bags and head home?

Let’s be real: this is a huge shift for a company that was once considered a pioneering figure in the digital asset world. Established in 2014, they only got funding after a settlement from a Facebook lawsuit. Talk about a glow-up!

Recent regulatory challenges

And speaking of glow-ups, Gemini has been under the watchful eyes of regulators, including the SEC and New York State. The SEC’s enforcement action was dismissed (phew!), but don’t think it’s all smooth sailing. Stock value has plummeted over 85% since its September peak. Yikes!

The “Truth Machine” initiative

Now, the future looks like a prediction market, which they launched in mid-December 2025. The twins believe this could be the next big thing-bigger than capital markets! Who knew fortune-telling could be so lucrative?

Since launching, Gemini Predictions has racked up over $24 million in volume from around 10,000 users. They’re calling it a “truth machine.” Because apparently, we need machines to tell us what’s true these days!

Gemini’s new focus

So, as they pack up their bags from the UK, EU, and Australia, it’s clear: Gemini is no longer aiming to be the big shot in global retail exchange.

With a quarter of their staff gone and a shiny new prediction market to focus on, the Winklevoss twins are hoping this will be a more stable gig than their rollercoaster ride in crypto. Good luck with that!

Read More

2026-02-05 23:26