The New York-based crypto exchange Gemini, owned by the Winklevoss twins Cameron and Tyler, is a New York trust company regulated by the New York State Department of Financial Services (NYSDFS). According to a blog post, Gemini has become Ireland’s first exchange for registering as a Virtual Asset Service Provider. In February 2022, the Central Bank of Ireland authorized Gemini to serve as an Electronic Money Institution. However, in the U.S. the CFTC sued the crypto exchange.
The crypto exchange has been in the headlines recently for regulatory issues. In June 2022, U.S. Commodity Futures Trading Commission (CFTC) filed a complaint against Gemini Trust Company, LLC for allegedly making false or misleading statements of material facts or omitting to state material facts to the CFTC in connection with the self-certification of a bitcoin futures product. The CFTC said that it seeks disgorgement of ill-gotten gains, civil monetary penalties, injunctions relating to registration and trading, and an injunction against further violations of the Commodity Exchange Act (CEA).
Like many other crypto companies, Gemini has made massive staff cuts in recent weeks. TechCrunch reports that the workforce has been reduced from around 950 to 800 employees.
