Crypto Exchange Gemini Cuts 10% Of Workforce

Cryptocurrency exchange Gemini has announced that it is cutting 10% of its employees as it continues to grapple with the fallout from the FTX bankruptcy.

This is the third round of layoffs in less than a year at Gemini, which is run by twin brothers Cameron and Tyler Winklevoss.

Gemini had 1,000 employees as of November last year, which means about 100 people are likely to lose their jobs in this round of cuts. Gemini previously reduced its headcount by about 17% last year.

Other crypto firms such as Crypto.com, Coinbase (COIN), and Kraken have also cut jobs since the November 11 bankruptcy filing of cryptocurrency exchange FTX.

The latest layoffs at Gemini come as the company engages in a public battle over customer funds with crypto lender Genesis, which itself filed for bankruptcy earlier in January.

Gemini, which is overseen by New York banking regulations, is also engaged in a legal fight with the U.S. Securities and Exchange Commission (SEC) over an alleged unregistered offering and sale of securities in connection with its previous partnership with Genesis.

Some of Gemini’s 340,000 customers have filed a class action lawsuit against the exchange after withdrawals were suspended in recent months. Gemini has blamed the collapse of Genesis for its current financial difficulties.

Genesis filed for bankruptcy on January 19 of this year, listing Gemini as its biggest creditor with $765.9 million U.S. owed to the Winklevoss twins’ company.