Business
March 20, 2026
Gemini has been making headlines all day, but for the wrong reasons. The crypto exchange has cut about 30% of its workforce since the start of 2026. The latest round of crypto exchange Gemini’s layoffs did not come out of nowhere, the scale of it has caught the eye of the entire market. This follows a tough financial year, a pullback from international markets, a sudden wave of executive exits, and now a lawsuit.
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Gemini Is Down to 445 Employees After Exiting UK, EU, and Australia
The pace of Gemini’s staff cuts has picked up quickly. An earlier reduction of nearluy 25% was announced in February. But the total has now reached around 30%. As of March 1, the firm’s workforce stood at about 445 employees.
The financial backdrop explains the urgency. Gemini posted a net loss of about $585 million in 2025. This figure includes unrealized losses tied to crypto holdings. In the fourth quarter, revenue rose to around $60 million, up nearly 40% year on year. But the losses widened to more than $140 million. The business is growing, but not in a way that is easing pressure.
At the same time, the company has been stepping back across the globe. Gemini exited the UK, European Union, and Australia, marking a notable market exit from regions it had previously targeted for expansion. This leaves Gemini with a narrower international presence in an industry where scale plays a major role. It should be noted that the firm is part of Mastercard’s latest crypto program, which is expected to bring in increased adoption.
There have also been changes at the top. The COO, CFO, and CLO all departed on the same day earlier this year. Cameron Winklevoss has since taken on CFO responsibilities. Internally, Gemini has started introducing AI tools to handle some of the workload after the layoffs.
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This fits into a broader trend of crypto exchange layoffs across the industry. Crypto.com recently cut about 12% of its workforce, and trading activity has remained uneven as markets stay volatile.
Still, Gemini’s position is relatively small. Data from Kaiko shows it holds less than 1% of the global market share. This is far behind its larger competitors. The spotlight is currently on the Winklevoss twins, and Gemini’s layoff news has drawn attention from analysts, with Citigroup downgrading the stock to ‘Sell’ and lowering its price target.
Amidst this, a lawsuit has now surfaced. Gemini and the Winklevoss twins have been hit with a proposed class action in New York. Investors are alleging that the company painted an overly optimistic picture during its 2025 IPO. Recent reports revealed that the complaint focuses on what was not disclosed at the time. This includes the shift in strategy, layoffs, and market exits that caught investors off guard.
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