Is Gemini Crypto Exchange Closing? Inside the Brutal Leadership Shake-Up

On February 17, 2026, Gemini Space Station Inc. (GEMI) disclosed in an SEC Form 8-K filing that its three most senior leaders had left the company, effective immediately. The stock dropped over 15% the same day.

So what actually happened? And should users be worried about their funds?

Three Key Executives Gone Overnight

The departures hit all at once. COO Marshall Beard, CFO Dan Chen, and Chief Legal Officer Tyler Meade all parted ways with the exchange on February 17. Beard also stepped down from the board of directors.

The company confirmed this through a securities filing. Gemini stated that Beard’s resignation was not the result of any disagreement over the company’s operations, policies, or practices. That’s the standard legal language, of course. But losing three C-suite executives in one day, with zero warning, rarely signals business as usual.

Danijela Stojanovic, previously Gemini’s chief accounting officer, stepped in as interim CFO. Kate Freedman, who served as associate general counsel, became interim general counsel. As for the COO role? Gemini said it won’t fill that position for now. Cameron Winklevoss will absorb those duties himself.

Also Read: What Happens If a Crypto Exchange Collapses? (FTX Lessons & Beyond)

Gemini’s Crypto Exchange Closing in Key Markets

This leadership shake-up didn’t come out of nowhere. Just days before the executive departures, Gemini announced it was pulling out of major international markets. The exchange said it plans to shut down crypto exchange operations in the UK, the European Union, and Australia, cutting roughly 25% of its global workforce in the process.

The Winklevoss brothers put it plainly in a company blog post: they don’t have the demand in those regions to justify operating there. Not exactly the comeback story you’d hope for from a freshly listed exchange. Gemini says the layoffs and international wind-down should wrap up before mid-2026. Translation: people are already getting pink slips.

What the Numbers Say?

The financials paint a rough picture. To be fair, the user numbers aren’t terrible. Monthly actives climbed 17%, landing near 600,000. Revenue is also up, somewhere in the $165M to $175M range for 2025, compared to $141M the year before.

But expenses tell a different story. The company’s total expenses reached $530 million, putting adjusted EBITDA losses around $260 million and total net losses near $600 million.

You can grow users and still bleed cash. Gemini is a prime example right now.

Also Read: Pros And Cons Of Trading On Decentralized Exchanges (DEXs) In 2026

Is Gemini Closing Completely? 

No, Gemini is not shutting down entirely. The exchange is cutting losses internationally and doubling down on the US market and prediction markets. Cameron Winklevoss is taking direct control of revenue operations, which suggests the founders are steering this ship themselves rather than stepping back.

Still, the optics are rough. A post-IPO company losing its COO, CFO, and CLO simultaneously,  while slashing a quarter of its staff and closing three major markets, is a signal that investors and users should watch closely.

What Gemini Users Outside the US Should Do?

If you hold funds on Gemini in the UK, EU, or Australia, start planning now. The exchange has said accounts in those regions will enter withdrawal-only mode. Move your assets to a regulated local exchange or a self-custody wallet. Don’t wait until the deadline.

For US-based users, there’s no immediate disruption to services.

Also Read: Nigeria Crackdowns on Crypto Exchanges: Makes Tax ID Mandatory

Is Gemini crypto exchange closing permanently?

Not entirely. The UK, EU, and Australia are getting cut loose. The US operation stays open, and the brothers are betting big on prediction markets going forward.

Why did Gemini’s COO, CFO, and CLO resign? 

All three departed effective February 17, 2026. The company disclosed this via an SEC Form 8-K filing. Gemini stated the COO’s exit was not due to any disagreement with the company.

What happened to Gemini’s stock (GEMI)? 

GEMI dropped more than 15% on February 17, 2026, following the executive departures and news of layoffs and international market exits.

Is my money safe on Gemini? 

For US users, there is no announced change to services. For users in the UK, EU, or Australia, Gemini has indicated that accounts will enter withdrawal-only mode. It’s advisable to withdraw funds and seek alternatives.

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