Crypto exchange Gemini plans to lay off up to 200 staff, exit Europe and Australia

Core Viewpoint - Gemini Space Station plans to cut up to 200 jobs globally, focusing operations in the U.S. and Singapore as part of a cost-cutting strategy [1][2] Group 1: Job Cuts and Operational Focus - The layoffs will affect about a quarter of Gemini's workforce, impacting staff in Europe, the U.S., and Singapore [1] - The company has approved a plan to wind down operations in the UK, the European Union, and Australia, leaving only the U.S. and Singapore as operational regions [2] Group 2: Financial Implications - The layoffs and operational wind-downs are expected to help reduce total expenses and accelerate the path to profitability, even amid a challenging crypto market [3] - Gemini estimates incurring about $11 million in pre-tax restructuring charges, primarily recorded in the first quarter [4] Group 3: Market Response and Strategic Shift - Shares of Gemini fell approximately 7% in afternoon trading, with a total decline of about 73.8% from the $28 offer price in its September IPO [3] - Analysts suggest that management must shift its strategy from regaining market share to ensuring the company's survival during the current crypto downturn [5]