Crypto Exchange Gemini Lays Off 10% of Staff, Cites "Bad Actors"

US-based crypto exchange Gemini is making headlines again, and not for positive reasons. Gemini – the Winklevoss-owned cryptocurrency exchange – has commenced its third round of job cuts in under a year, dismissing another 10% of its workforce. As reported by The Information, this marks the company’s third such reduction since June.

According to a Monday report by The Information, Crypto exchange Gemini plans to dismiss 10% of its staff. Digital asset exchange and custodian Gemini will cut 10% of its staff, which is already the third round of layoffs in eight months.

Gemini said that it will lay off 10 per cent of its workforce, citing bad actors in the crypto industry, the media reported. It\'s at least the third significant workforce reduction for the company in a relatively short time. The company’s explanation for the layoffs continues to focus on the challenging crypto environment.

The repeated layoffs raise questions about Gemini\'s strategy and its ability to navigate the current turbulent crypto market conditions. Investors and industry watchers are closely observing the situation, wondering what the future holds for the company.