Gemini Layoffs: A big and surprising news to the cryptocurrency market has come to light. Famous crypto exchange Gemini has decided to conduct mass layoffs and limit its operations. The company has officially made it clear that it is going to show the exit to about 200 employees across the world. Along with this, Gemini is preparing to completely close its business from many markets of Europe and Australia. Now the company’s focus will be limited to America and Singapore only.
Laying off 200 employees, trying to reduce costs
This decision of this crypto exchange, known as Gemini Space Station, will affect about a quarter of its total workforce. The layoffs will affect employees working in Europe, America and Singapore.
The company has described this as a strategy for cost cutting and strengthening operational focus. Gemini says that this step became necessary amid increasing expenses and changing crypto market conditions. The company plans to complete the entire process by the first half of 2026, although local labor laws of different countries will play an important role in this.
Gemini will completely exit Europe and Australia
Gemini has also decided to phase out its business in the UK, European Union, other European countries and Australia. The services being provided in these markets will be phased out gradually.
Going forward, Gemini will be active only in the markets of America and Singapore. The company believes that focusing on limited markets will enable better use of resources and achieve more stable growth in the long run. This decision is being considered a major strategic change amid the ongoing fluctuations and uncertainty in the crypto industry.
Expenses of 11 million dollars, increased concern of investors
Gemini will have to bear pre-tax expenses of about $ 11 million in this entire restructuring process. This includes severance pay, notice period payment, employee benefits, office closure costs, contract termination fees and professional charges. It is expected that most of its impact will be visible in the company’s first quarter report. Gemini founders Winklevoss twins have already been in the news regarding Facebook controversy and Bitcoin investment. Now this decision is sparking a new debate among crypto investors.
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