Major crypto exchange announces major layoff amid market exit

Core Viewpoint - Gemini Space Station, led by the Winklevoss twins, is undergoing significant layoffs and retreating from international markets to achieve profitability amid financial strain [1][2]. Group 1: Layoffs and Restructuring - The company plans to lay off up to 200 employees, which constitutes approximately 25% of its global workforce, as part of a cost-reduction and restructuring initiative [6]. - Gemini reported a loss of $159.5 million for the quarter ending September 3, 2025, and anticipates incurring about $11 million in pretax restructuring costs in the first quarter of 2026 [2]. Group 2: Market Withdrawal - Gemini will close all customer accounts in the U.K., European Economic Area, and Australia, effective April 6, 2026, as part of its market withdrawal strategy [2][4]. - Existing customers can continue using their accounts until March 5, 2026, after which accounts will enter withdrawal-only mode, disabling trading and deposits [3]. Group 3: Operational Focus - The company will maintain operations in the U.S. and Singapore, focusing on streamlining operations to regain profitability after a challenging 2025 marked by tighter regulations and lower trading volumes [5]. - To assist users in transitioning, Gemini has partnered with eToro to provide transfer support and incentives for customers moving their funds [5]. Group 4: Impact of AI and Job Market - The company highlighted the transformative impact of artificial intelligence (AI) on the job market, suggesting that AI has significantly changed productivity dynamics [8][9]. - The layoffs were announced following a broader trend of increased job cuts in the U.S., with January 2026 seeing the highest number of layoffs since January 2025 [10].