Cryptocurrency exchange Gemini Space Station Inc. has announced a strategic plan to cut its workforce by up to 25% and gradually wind down its operations in the United Kingdom, the European Union, and Australia. The move is part of a broader strategy to reduce costs and enhance profitability.

In a statement released on Thursday, the New York-based exchange indicated that the layoffs will impact as many as 200 positions globally, affecting employees in the United States and Singapore.

Gemini's co-founders, Tyler Winklevoss and Cameron Winklevoss, explained in a blog post that these overseas markets have proven challenging to penetrate for a variety of reasons. They noted that organizational and operational complexities have strained company resources, increased cost structures, and slowed growth momentum.

The announcement comes amid a continued downturn in the cryptocurrency market, with Bitcoin falling below $70,000 to its lowest level since November 2024. While Gemini did not cite the price decline as a direct reason for its decision, the significant drop in Bitcoin's value over recent months has adversely affected companies across the industry.

Gemini's share price fell as much as 7.8% following the news.

According to a customer support notice issued earlier on Thursday, all client accounts in the UK, EU, and Australia will be switched to withdrawal-only mode starting March 5, with full closure scheduled one month later. New account registrations and all reward programs in these regions will also be discontinued.