BEARISH 📉 : Gemini exits UK, EU, Australia; cuts 25% of workforce

Gemini Space Station Inc. announced plans to exit the UK, EU, and Australia, cutting up to 200 jobs, approximately 25% of its global workforce, as per an official statement on February 5, 2026.

Gemini will continue operations in the US and Singapore.
The wind-down plan is expected to be completed in the first half of 2026.
An estimated $11 million in pre-tax restructuring charges to be recorded, mostly in Q1 2026.

Account Closure Timeline

UK, EEA, and AU accounts will enter withdrawal-only mode on March 5, 2026.
Accounts will be closed on April 6, 2026.
Customers must close open perpetual positions before March 5, 2026.

Co-founders cited challenges in these markets as reasons for the exit, noting increased operational complexity and costs.

Withdrawal approvals could take up to 7 days for some users, with specific requirements for EU customers related to self-hosted wallet attestations.

Industry Impact

The retrenchment affects venue access, collateral mobility, and basis execution in UK/EU/AU time zones from March 5 to April 6, 2026.
Gemini shares dropped by 7% following the announcement.
Bitcoin traded at $69,245 (+8.23% 24h) during this period.