Cryptocurrency exchange Gemini will lay off 25% of its workforce and close its business in the United Kingdom, European Union, and Australia.

Cryptocurrency exchange Gemini Space Station Inc. has announced plans to reduce its workforce by up to 25% and gradually cease operations in the UK, EU, and Australia in order to cut costs and enhance profitability. The New York-based cryptocurrency exchange stated in a Thursday announcement that the layoffs would impact as many as 200 positions globally, including employees in the US and Singapore.