Crypto exchange Gemini said Thursday it will withdraw from the United Kingdom, the European Union and Australia and cut its headcount by roughly 25%. The company attributed the retrenchment to a tougher operating environment abroad and advances in artificial intelligence that it says have made engineering teams “100x” more productive.
In its announcement, Gemini said foreign markets “have proven hard to win” and that maintaining operations there added organizational and operational complexity that raised costs and slowed execution. “We don’t have the demand in these regions to justify them,” the firm added, noting it will concentrate on the United States because “America has the world’s greatest capital markets.”
Gemini plans to redeploy resources to grow its U.S. business and to expand Gemini Predictions, its prediction-market product launched in December 2025. Since launch, the product has attracted more than 10,000 users and about $24 million in cumulative trading volume, the company said.
The decision comes amid a difficult stretch for digital-asset markets. Prices remain weak following a flash crash in October and the legislative stalemate over the CLARITY Act, a U.S. bill aimed at crypto market structure. Those headwinds have pressured firms across the sector and prompted some to refocus on core markets.
Prediction markets have been a prominent growth area for Gemini and the wider industry. Trading in prediction markets spiked during the U.S. presidential election cycle, with Q3 2024 volumes rising about 565.4% quarter-on-quarter to roughly $3.1 billion. According to Dune Analytics, daily prediction-market volume in January 2026 ranged from about $277 million to $550 million. Market share remains concentrated: Polymarket and Kalshi dominated 24-hour trading volume, at roughly 37% and 26% respectively.
Separately, the U.S. Securities and Exchange Commission recently dismissed a civil action against Gemini with prejudice.
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