Cryptocurrency exchange Gemini has announced it will close its operations in the United Kingdom, the European Union, and Australia. The U.S.-based platform, founded by the Winklevoss twins, Tyler and Cameron, said the move is part of a broader strategy to focus on its strongest markets and reduce operating costs.
The latest announcement means that UK customers will no longer be able to buy, sell, or trade crypto through Gemini. Instead, accounts will be set to withdrawal-only from March 5th. This gives users time to move their funds before the platform fully shuts down services in the country on April 6th.
Gemini Says Goodbye to the UK
The Winklevoss twins explained in the announcement that Gemini has partnered with the brokerage company eToro to help users transition. This way, customers can continue their crypto trading activities without much hassle. However, users must create an eToro account before transferring their digital assets.
Gemini’s founders stated that the crypto exchange has seen minimal cash flow from the UK market and other regions affected by the latest move.
Notably, Gemini’s departure from the UK market comes months after various prominent crypto exchanges entered the country. With the UK’s Financial Conduct Authority (FCA) becoming less strict about crypto regulations, platforms like Coinbase and Bitpanda have secured regulatory licenses to serve local investors.
Meanwhile, Gemini has also resized its workforce by 25%, letting go of approximately 200 employees. The company explained that maintaining operations in multiple regions had become costly and complex, and concentrating resources in fewer locations would allow it to operate more efficiently. The focus will now be on the United States and Singapore, where Gemini sees more stable growth opportunities.
A Shift Towards Prediction Markets
Gemini’s founders admitted that the firm had garnered considerable attention in the prediction market. In December, the crypto exchange launched Gemini Predictions. Since then, more than 10,000 users have traded over $24 million, demonstrating strong interest among users.
Since the debut of platforms like Polymarket and Kalshi, prediction markets have garnered significant attention in the crypto ecosystem. It allows users to trade on the outcomes of events, such as elections or market trends. Bettors choose between Yes and No to participate. Gemini believes this sector has significant potential and could become a key part of its long-term growth strategy.
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