Gemini exchange lays off a tenth of its employees
Amid stagnation in the cryptocurrency market, the Gemini exchange fired 10% of its employees. The reason was the instability of market conditions.
According to the platform management, this situation will continue in the near future. The founders also emphasized that the exchange will focus on a limited number of products that will help the company fulfill its mission.
Gemini is currently experiencing a series of setbacks. Recently, a lawsuit was filed against it by the US regulator CFTC. Commission representatives claim that the exchange misled the regulator by answering questions about BTC futures in 2017.
Interest from regulators is fraught with lengthy litigation. This can be seen in the example of Ripple, whose proceedings with the SEC have been going on for more than a year.
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