important notes
- Gemini leaves the UK, EU and Australia.
- The company will also reduce its workforce by up to 200 people (approximately 25%).
- Gemini was charged pre-tax restructuring charges of approximately $11 million.
According to an official statement on February 5, 2026, Gemini Space Station Corporation has approved plans to withdraw from the United Kingdom, the European Union, and Australia, and to cut up to 200 jobs, or about 25% of its global workforce.
According to recent SEC filings, Gemini informed regulators that the wind-down plan will be completed in the first half of 2026 and will record approximately $11 million in pre-tax restructuring and related charges, with “substantially all” expected to be recognized in the first quarter of 2026.
The filing states that Gemini will continue to operate in the US and Singapore while withdrawing from other jurisdictions, including the UK, EU and Australia.
How does Gemini intend to close UK, EU and Australian accounts?
Gemini customer support notifications establish operational schedules. UK/EEA/Australia accounts will move to withdrawal-only mode on March 5, 2026, and Gemini will close the accounts on April 6, 2026.
Gemini’s notice instructs customers to close open permanent positions by March 5, 2026. Once your account enters withdrawal-only mode, Gemini warns that you may be forced to close your position at the “current market price.”
“These foreign markets have proven difficult to win for a variety of reasons and are maxed out in terms of levels of organizational and operational complexity, which drives up our cost structure and slows our growth,” Gemini co-founders Tyler and Cameron Winklevoss wrote.
Execution risk lies in offboard friction. Gemini notifications set a 7-day approval cycle for new withdrawal addresses for some users. Gate items before March 5th include travel rule-style self-hosted wallet certificates for EU customers.
What Gemini’s layoffs mean for the industry
The SEC filing identifies the costs and completion schedule for Gemini’s workforce reductions, with dates. This is important for desks as venue access, collateral mobility and basis execution will change in UK/EU/AU time zones from 5 March to 6 April 2026.
As of February 5, shortly after the announcement, Gemini Space Station, Inc. (GEMI) stock price had fallen 7%.
Gemini Space Station stock price | Source: Yahoo Finance
Bitcoin (BTC) traded at $67,445 during the disclosure period (down more than 8% in 24 hours).
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