Gemini, the Winklevoss twins' crypto exchange, has now cut 30% of its total workforce across multiple rounds. The latest 200-person reduction was accompanied by an exodus of C-suite leadership: the COO, CFO, and CLO all departed on the same day.
Gemini has also exited the UK, EU, and Australian markets entirely, retreating to a US-focused operation. This is a company in full contraction mode, and the simultaneous departure of three senior executives suggests internal disagreement about the direction. When your chief operating officer, chief financial officer, and chief legal officer all leave at once, the restructuring is more than operational.
The crypto sector's 2026 layoffs reflect an industry that over-hired during the 2021-2022 boom and has been correcting ever since. AI is cited as a driver, but the underlying issue is that crypto exchanges built for bull-market trading volumes cannot sustain their cost structures in a normalized market.