Source: Gemini is laying off 10% of staff, at least the third round of cuts at the crypto exchange in eight months; Gemini had 650 to 700 staff near 2022's end
Aidan Ryan / The Information :
Context & Ripple Effects
Gemini’s 2023 workforce reduction was an early stage of a longer retrenchment: related coverage later records roughly 30% staff cuts in early 2026 and more than $500 million in 2025 losses. The sequence makes the initial 10% cut more than an isolated staffing adjustment.
The company’s subsequent exit from the UK, EU, and Australia paired further layoffs with a US-focused strategy. Crypto.com’s own additional 2022 cuts show that labor reductions were also reshaping exchange operations across the sector.
First-order effects
- Gemini immediately reduces its workforce for at least the third time in eight months, lowering headcount from the roughly 650–700 employees it had near the end of 2022.
- Remaining Gemini teams inherit a smaller operating base as the exchange continues to resize its costs.
Second-order effects
- Gemini’s repeated cuts set up the later combination of workforce reductions and international withdrawal, concentrating the company’s resources on the US rather than sustaining broad overseas operations.
- Crypto.com faces a comparable cost-discipline benchmark after its own additional layoffs, making staffing scale a more visible competitive constraint among crypto exchanges.
Third-order effects
- The pattern points to crypto exchanges treating geographic reach and employee count as linked levers: firms that cannot support both may consolidate around markets they judge more winnable.
- If repeated cuts and market exits persist, the sector’s competitive structure will favor exchanges able to maintain operations through losses rather than those pursuing expansion across multiple regions.
The trend: Crypto exchanges are moving from expansion-oriented staffing toward tighter, market-selective operating models shaped by sustained cost pressure.