Gemini is centralising its global operations in Singapore and the US, even as the cryptocurrency exchange implements a 25% reduction in its total workforce.
While the job cuts will affect employees in the Singapore office, the city-state remains a primary hub for the company as it scales back its international footprint elsewhere.
This strategic focus on Singapore follows significant regulatory and leadership developments for the firm in the region.
In early 2024, Gemini appointed former Grab leader Saad Ahmed as Head of APAC to “spearhead” its regional expansion.
More recently, the exchange received In-Principle Approval from the Monetary Authority of Singapore for a Major Payment Institution license, allowing it to provide digital payment token services.
According to Finextra, the current restructuring will result in the loss of approximately 200 jobs across Singapore, the US, and Europe.
The overhaul involves the total closure of Gemini’s operations in the United Kingdom, the European Union, and Australia, a decision driven by the ongoing downturn in global digital asset markets.
For customers in the affected European and Australian regions, accounts will transition to a withdrawal-only mode starting 5 March 2026, with full operational closures scheduled for 6 April 2026.
In a blog post announcing the restructuring, Gemini founders Cameron and Tyler Winklevoss stated:
“We expect this will help reduce our total expenses in line with our headcount reduction and meaningfully accelerate our path to profitability even in the backdrop of the current crypto market.”
Moving forward, Gemini intends to focus heavily on prediction markets, a segment the founders believe “will be as big or bigger than today’s capital markets.”
Following a mid-December launch, the new product has reportedly attracted more than 10,000 users and over US$24 million in trading volume.
The founders described the service as a “truth machine” that will become central to the exchange’s future product offering.
Featured image credit: Edited by Fintech News Singapore, based on image by siegostuan via Freepik
