Cryptocurrency Exchange Gemini Lays Off 7% Of Its Workforce

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Last Updated on January 26, 2023 by Bitfinsider

This is the third round of layoffs at the cryptocurrency exchange in the previous eight months. The previous personnel reduction occurred in June of last year in response to harsh market conditions. A report indicated that the corporation had laid off an additional 68 employees, or around 7 percent of its staff.

Gemini has faced heat in recent months as a result of its association with the collapsed cryptocurrency lender Genesis. A few days ago, the U.S. Securities and Exchange Commission (SEC) charged Gemini with offering and selling securities to ordinary customers without registration.

In 2020, Gemini and Genesis joined to establish the Gemini Earn financing scheme. Gemini users were able to lend digital assets to Genesis and earn money through this scheme. Gemini Earn reportedly raised crypto assets worth billions of dollars from hundreds of thousands of investors.

The SEC has charged that the program was a “offer and sale of securities” that required registration with the U.S. regulator. In addition, Genesis filed for chapter 11 bankruptcy protection last week, rendering it unable to repay Gemini Earn users their lent monies. Gemini owes Genesis a total of $765,9 million according to Genesis’s bankruptcy petition, making Genesis its largest creditor.

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