PANews reported on February 5th, citing Bloomberg, that cryptocurrency exchange Gemini plans to lay off up to 25% of its staff, following its announcement of a phased shutdown of operations in the UK, EU, and Australia , citing cost reduction and improved profitability as the reasons. The layoffs will affect up to 200 positions across its global workforce, including those in the US and Singapore.

Gemini co-founders Tyler and Cameron Winklevoss stated, "These overseas markets have proven difficult to win for a variety of reasons, and we found ourselves struggling to cope with the complexities of organization and operations, which increased our cost structure and slowed us down."