SEC filing sets $11M restructuring charges as Gemini offboards UK/EU/AU users into withdrawal-only mode on March 5, 2026.
Gemini Space Station Inc. approved a plan to exit the UK, the EU, and Australia and cut up to 200 jobs, equal to about 25% of global headcount, according to an official statement on Feb. 5, 2026.
According to a recent SEC filing, Gemini informed regulators that it expects the wind-down plan to be completed in 1H 2026 and to book about $11,000,000 in pre-tax restructuring and related charges, with “substantially all” recognized in Q1 2026.
The same filing states that Gemini will continue operating in the US and Singapore while exiting other jurisdictions, including the UK, the EU, and Australia.
How Gemini Plans to Close UK, EU, and Australian Accounts
Gemini’s customer-facing support notice set the operational timetable. UK/EEA/AU accounts will transition to withdrawal-only mode on March 5, 2026, and Gemini will close accounts on April 6, 2026.
Gemini’s notice also instructs customers to close any open perpetual positions before March 5, 2026. It warns Gemini may force-close positions at the “prevailing market price” once accounts enter withdrawal-only mode.
“These foreign markets have proven hard to win in for various reasons and we find ourselves stretched thin with a level of organizational and operational complexity that drives our cost structure up and slows us down,” Gemini co-founders Tyler and Cameron Winklevoss wrote.
The execution risk sits in offboarding friction. Gemini’s notice flags a 7-day approval cycle for new withdrawal addresses for some users. It cites Travel Rule-style self-hosted wallet attestations for EU customers as a gating item before March 5.
What Gemini’s Staff Cut Means for the Industry
The SEC filing pins a dated cost and completion schedule to Gemini’s retrenchment. This matters for desks because it changes venue access, collateral mobility, and basis execution in UK/EU/AU time zones between March 5 and April 6, 2026.
As of Feb. 5, shortly after the announcement, Gemini Space Station Inc. shares (GEMI) saw a drop of 7%.
Gemini Space Station shares price | Source: Yahoo Finance
Bitcoin (BTC) traded at $67,445 (over 8% down in 24h) during the disclosure window.
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