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Gemini (NASDAQ: $GEMI ), the cryptocurrency exchange run by twin brothers Tyler and Cameron Winklevoss, is cutting 25% of its workforce and winding down its overseas operations.

Gemini said that it is ceasing operations in the United Kingdom, European Union, and Australia. The changes come amid an ongoing rout in the cryptocurrency sector.

Gemini announced the job cuts and scaled back operations on a day when Bitcoin's (CRYPTO: $BTC ) price fell more than 10% to nearly $60,000 U.S.

The price of Bitcoin has now been cut by more than half since it reached an all-time high of $126,000 U.S. in early October of last year.

New York-based Gemini said the cuts will impact as many as 200 staff across its global workforce, including in the U.S. and Singapore.

Founded in 2014, Gemini has largely failed to attract significant market share despite being one of the earliest cryptocurrency exchanges.

The Winklevoss twins took the company public last September just before the crypto market peaked. Since then, its stock has declined more than 80%.

GEMI stock hit an all-time high of $45.89 U.S. on Sept. 12 of last year. The shares are currently trading at $6.70 U.S.

Gemini reported a loss of $159.5 million U.S. in its first quarterly financial report issued last November, highlighting costs from its initial public offering (IPO) and marketing spend.

As part of the restructuring, all Gemini customer accounts in the U.K., Europe, and Australia will be placed in withdrawal-only mode from March 5 onwards, with full closures to follow in April.

Creation of new accounts and all incentive programs will be disabled for impacted regions.

Gemini said in a statement that it expects its restructuring plan to be completed in the first half of this year at a cost of approximately $11 million U.S.