Gemini has reportedly laid off additional staff more than a month after reports suggested the cryptocurrency exchange cut 10% of its employees.
A source close to Gemini reported 68 fewer employees on the company’s Slack channel, suggesting the crypto exchange had cut roughly 7% of its more than 1,000 staff. The unnamed source claimed that Gemini continued laying off employees as part of extreme cost-cutting.
Gemini Trust reportedly cut 10% of its employees amid the bear market in June as the price of many major cryptocurrencies fell by double-digit percentages. However, Bitcoin and Ether prices have risen by more than 4% and 10% in the last 24 hours, respectively.
The United States Commodity Futures Trading Commission filed suit against Gemini in June, alleging the exchange made false or misleading statements in 2017 during in-person meetings and in official documents. The statements were part of Gemini’s self-certification of a BTC futures contract, facilitating the CFTC’s determination to see if the investment vehicle could be susceptible to manipulation.
