Crypto exchange Gemini announced on Thursday it will exit the United Kingdom, European Union and Australia and cut its workforce by 25%. The firm cited artificial intelligence making engineers “100x” more efficient and a tougher business environment in those regions as reasons for the pullback.
“These foreign markets have proven hard to win in for various reasons, and we find ourselves stretched thin with a level of organizational and operational complexity that drives our cost structure up and slows us down. We don’t have the demand in these regions to justify them. The reality is that America has the world’s greatest capital markets,” the company said in its announcement.
Gemini said it will redirect resources to build its business in the United States and to expand its prediction market product, Gemini Predictions, which launched in December 2025. Since launch, Gemini Predictions has recorded over 10,000 users and about $24 million in trading volume.
The move comes amid a difficult period for crypto markets, which have been under pressure following a flash crash in October and the stalling of the CLARITY Act, a U.S. crypto market-structure bill. Digital-asset prices remain weak, weighing on firms across the industry.
Prediction markets have been a growth focus for Gemini and the wider market. Trading volume in prediction markets surged in Q3 2024 during the U.S. presidential election, rising 565.4% quarter-on-quarter to roughly $3.1 billion. Dune data shows daily prediction-market volume in January 2026 ranged from about $277 million to $550 million. The sector is still dominated by Polymarket and Kalshi, with Polymarket accounting for over 37% of 24-hour trading volume and Kalshi about 26%.
Related: SEC dismisses civil action against Gemini with prejudice
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