The crypto and fintech industries are seeing repeated rounds of employee cuts and platform shutdowns due to market uncertainty and other macroeconomic factors. Adding to the array, the US-based Gemini crypto exchange, by Cameron and Tyler Winklevoss, has reportedly planned to lay off 25% of its workforce. Besides, the company is winding down operations and ceasing operations in the European Union (EU), the UK, and Australia.
Gemini’s plans for the shutdown follow the upcoming closure of the NFT marketplace Nifty Gateway on February 23, 2026. Notably, Nifty Gateway is backed by Gemini, and the exchange’s current move to shut down comes amid a broader trend of several other platforms rushing to wind down their services.
Gemini cuts down 200 jobs globally
The New York-based Gemini exchange was launched in 2014, with early expansion to Canada, the UK, South Korea, Hong Kong, Singapore, and Japan. Although it had a wider international presence, the firm could not continue to expand its businesses, as it is refocusing on the US markets, where it believes it has a strong market presence.
The firm is now reducing 200 jobs globally, which is roughly equal to 25% of its employees. This move is a part of a restructuring its operations and cost-cutting.
According to Gemini executives, spreading operations across multiple regions has pushed down the company’s financial performance. By mid-2026, the platform will close operations in the three major regions. Gemini exchange users in these regions must withdraw their digital assets by April 6.
Macro-economic factors weaken crypto firms
The crypto market is currently going through tough times, with Bitcoin hovering at $65,000 at the time of reporting. However, the market has been following a downtrend since late 2025 due to ongoing geopolitical tensions and macroeconomic factors. Most markets, specifically crypto, are emotional, as any positive or negative news impacts the market faster than expected.
This aspect of crypto has affected several firms besides Gemini. Decentralized crypto custody startup Entropy recently announced that it would shut down its operations after four years of service. In November 2025, Web3 platform DappRadar announced winding down its operations due to a lack of sustainable revenue and the market slowdown.
Back in 2022, the FTX exchange collapse pulled down the stability of several fintech and crypto firms due to the ripple effect. Alameda Research, the trading arm of FTX, BlockFi, Genesis Global Capital, and Three Arrows Capital are some of the platforms impacted by the FTX collapse.
Outside the crypto sector, The Washington Post has recently laid off a massive number of employees, including 300 journalists, due to financial pressures.
