Gemini, the New York-based exchange founded by the Winklevoss twins, has announced it's shutting down operations in the UK, EU, and Australia. Effective April 6, 2026, customers in these regions must withdraw their assets, with accounts entering "withdrawal-only" mode as early as March 5. This isn't just a retreat; it's a full-throated bet on America amid a sea of regulatory headaches abroad.

Why Gemini's Going All-In on the U.S.

Gemini’s Co-founders Cameron and Tyler Winklevoss, cited "regulatory complexity" in Europe and beyond as the nail in the coffin. The EU's MiCA framework, now in full enforcement mode, proved too costly to navigate alongside UK's FCA rules and Australia's ASIC scrutiny. "We've had a great run in the U.S.," they wrote in a candid blog post, pointing to a "renewed era of regulatory clarity" under the current administration. It's a stark contrast to the post-FTX chaos when Gemini chased global dominance. Now, with crypto equities lagging amid tighter liquidity, the exchange is slashing 25% of its workforce, up to 200 jobs across the world. This "Gemini 2.0" restructuring frees up cash for domestic innovation, partnering with eToro to smooth offboarding for affected clients. Retail traders get clear deadlines; institutions get white-glove transitions.

The Big Swing Ahead

Gemini isn't shrinking, it is reinventing. The Winklevosses are doubling down on prediction markets, a sector exploding since Polymarket's election bets went viral. Their Gemini Predictions platform, launched quietly in December, has already seen 10,000 users trade $24 million. Expect a full decentralized rollout by Q3 2026, positioning Gemini as a Polymarket rival in event-based betting on everything from sports to politics. This pivot screams confidence in U.S. growth. With spot ETFs thriving and Trump's pro-crypto stance unlocking doors, Gemini sees deeper pockets stateside. Singapore remains a slim Asian foothold. It's a calculated risk in a market where slowing activity has hit rivals hard.

What It Means for Crypto's Global Game

Gemini's exit underscores a brutal truth: crypto exchanges are picking lanes. Regulatory arbitrage is dead; now it's about mastering one turf. Users in London, Berlin, or Sydney face upheaval withdraw now. But for Americans, it's business as usual, plus shiny new tools. Critics call it shortsighted, abandoning loyal users for unproven bets. Fans hail it as bold housekeeping, pruning fat for leaner times.