Cryptocurrency exchange Gemini has fired 10% of employees over “turbulent market conditions” which the exchange believes are “likely to persist for some time.”
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Gemini’s founders Tyler and Cameron Winklevoss wrote in a blog post that the New York-based trading platform will now focus only on products that are “critical to our mission.”
“After much thought and consideration, we have made the difficult but necessary decision to part ways with approximately 10% of our workforce.”
In the meantime, the Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Gemini Trust Company, saying the exchange misled it in answers to questions about a futures contract pegged to the price of bitcoin back in 2017.
According to Bloomberg, the CFTC alleges that Gemini “made false and misleading statements” during several meetings from July to December 2017 about its operations.
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