Crypto Exchange Gemini Slashes Jobs Amid Exit From Europe, Australia
Gemini, a publicly traded crypto exchange, is exiting the UK, EU, and Australian markets and laying off 25% of its staff to cut operating costs and focus on profitability. The decision is driven by weak regional demand and high operational complexity in foreign markets. Gemini will close all accounts in these regions by April 6, after shifting them to “withdrawal only” mode on March 5. Users can transfer their balances to eToro through a partnership. The company is also increasing its focus on artificial intelligence and its U.S.-based prediction market platform, where it has obtained a CFTC license and seen significant user growth and trading volume. Gemini’s founders believe prediction markets could rival traditional capital markets in size and significance. The firm’s shares dropped over 7.5% following the announcement, now trading far below their IPO debut. Last week, Gemini also announced the closure of its NFT platform, Nifty Gateway.
