- Gemini Exchange has seen significant speculation after 3 CXOs were either fired or resigned simultaneously.
- The company recently launched an IPO, raising $425 million. However, the share price fell 85% after that.
- Further, Gemini Exchange ended operations in three major markets and reprtedly focusing only on US markets.
- Gemini says it’s undergoing a major restructuring.
- BFM suggests users take custody of their own cryptocurrencies and only bring them to any exchange when they wish to cash out.
Must Read: What Happens If a Crypto Exchange Collapses? Explained
Are Gemini’s Exchange Reserves Safe?
Crypto exchange Gemini, founded by the Winklevoss Twins, has seen major turbulence in recent times, sending the market into speculation that it could be at risk of shutting down.
The exchange has already fired its Chief Operating Officer, Chief Legal Officer, and Chief Financial Officer yesterday.
Further, the company is already exiting key markets such as the United Kingdom, the European Union, and Australia.
Company Ends Operations in Major Markets
Gemini shut its doors in three major crypto-friendly markets: the United Kingdom, the European Union, and Australia. The company will cease all operations in those markets by April 6, 2026.
Usually, we see companies expanding to major markets after raising a successful IPO. However, Gemini says it will focus better on the US Markets.
Gemini Shares Down 85% from $46 to $7 after the IPO
Gemini is reportedly going through a major restructuring after its IPO, where it raised $425 million at a $3.3 billion valuation. The company had fired its executives right after that.
After the IPO, the stock price soared higher, settling near $46; however, the price has since then crashed a whooping 85% to $7 in recent trading sessions. A fall so large is rare for a multi-billion-dollar company unless it is in severe financial distress, like the 2008 Global Financial Crisis.
Our Verdict
Gemini might not be shutting down for now, but it is undergoing a severe transformation. In such volatile markets, it is best to reduce your risks as much as possible.
What to do?
We suggest that our users take out their funds and choose a self-custody wallet such as MetaMask. For a definitive guide on top wallets, follow our wallet guide below.
Best Hot Wallets for Crypto in 2026
Although Gemini, being a major exchange, is unlikely to shut down, especially after a successful IPO, it is always safer to take custody of your own crypto.
Disclaimer: BFM Times acts as a source of information for knowledge purposes and does not claim to be a financial advisor. Kindly consult your financial advisor before investing.
