- Gemini’s CTO is reportedly set to step down.
- The executive also served as the firm’s CEO for the Asia-Pacific region.
- The departure comes amid the firm’s growing troubles in the U.S.
The resignation of executives from crypto firms is showing no signs of slowing down amid regulatory uncertainty. While the focus has been on Binance, the world’s largest exchange, as it has lost about a dozen executives in 2023, other exchanges also appear to be facing challenges holding down senior executives. Recent reports suggest that Gemini is the latest to face this struggle.
Gemini CTO Set to Leave
On Monday, November 6, Bloomberg reported that Gemini Chief Technology Officer Pravjit Tiwana is set to leave the firm in November 2023, citing two persons familiar with the matter.
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Gemini and Tiwana are yet to return DailyCoin‘s requests for comment.
Tiwana joined Gemini in January 2022. In addition to his role as CTO, he also served as the firm’s Chief Executive Officer in the Asia-Pacific region. Playing key roles in Gemini’s product engineering and development, he oversees the company’s expansion in India with the Gurgaon engineering and design facility.
Before joining Gemini, Tiwana was a general manager at Amazon Web Services for six years.
Tiwana’s exit from Gemini comes as the firm faces trouble at home despite expansion efforts abroad.
Mounting Troubles
In November 2022, the Gemini was forced to suspend its “Earn” product, which relied on Genesis, a crypto lending firm owned by Digital Currency Group (DCG), that went bankrupt following the FTX collapse. The catch is that at the time, Genesis held over $1 billion in Gemini customer assets. Gemini has been locked in a dispute with Genesis and DCG to recoup these funds for nearly a year.
In January 2023, Gemini’s situation with Genesis was further complicated by a lawsuit from the U.S. SEC, which alleged that they both offered and sold unregistered securities through the former’s earn product. At the time, Gemini co-founder Tyler Winklevoss slammed the lawsuit as a “manufactured parking ticket.”
In October 2023, the New York Attorney General’s office piled in, filing a lawsuit against Gemini, Genesis, and DCG, alleging that they had defrauded investors.
On the Flipside
- Gemini and Tiwana are yet to respond to the report.
- Gemini appears focused on expanding its presence outside the U.S., announcing plans to venture into the United Arab Emirates (UAE) in June 2023.
Why This Matters
The reported exit of Gemini’s CTO raises questions about the exchange amid troubles with Genesis, DCG, and regulators.
Read this to learn more about the raging crypto executive exodus:
Binance Executive Exodus Continues as Russia Chiefs Bow Out
Learn more about the potential shift in U.S. investor sentiment:
Crypto Fund Inflows Hit 6-Week Streak, U.S. Leads the Charge
