Gemini Crypto Exchange Undergoes Restructuring as Cameron Winklevoss Steps Down as Director

Cameron Winklevoss has stepped down as one of the directors of Gemini, a UK-based digital asset exchange. Cameron’s resignation comes at a time when the exchange is showing signs of serious restructuring processes. This year, massive changes have been observed in the company amidst the bear market.

Cameron Winklevoss Resigns

Gemini underwent major structural changes as Cameron Winklevoss, the wealthy co-founder and director of the crypto exchange, stepped down from the board of directors of Gemini Europe.  A Companies House filing indicated that billionaire Winklevoss resigned as one of the members of the board of directors of Gemini Europe on October 12. Gemini Europe is the company’s European arm.

During the same period, Gillian Lynch replaced Blair Halliday, former UK managing director, as the new head of Ireland and the European Union. Blair Halliday moved to the competitor crypto exchange, Kraken, upon the replacement.

Gemini Confirms the Changes

A spokesman of Gemini confirmed the changes via email. The spokesman affirmed that the exchange had acknowledged the changes filed with Companies House. He stated that the company brought local leadership to the board of directors to mirror Gemini’s growth in the UK and Europe. The spokesman also added that Cameron and Tyler Winklevoss would proceed to operate as President and Chief Executive Officer at the exchange.

“We can confirm this change was filed with Companies House and brings local leadership onto the board of directors to reflect the growth of Gemini’s business in the UK and Europe. Cameron and Tyler Winklevoss continue as President and CEO at Gemini,”

The spokesman wrote via email.

Gemini was founded in 2014 by Cameron and his twin brother Tyler. After holding an e-money license in the country for the past six months. Gemini recently fully launched its crypto exchange and custody services in Ireland. 

The exchange also opened an office in Dublin in 2021, indicating signs of major growth and development. In addition, the company has grown to become one of the largest cryptocurrency exchanges in the world, owning the twelfth position according to analytics data by CoinGecko.

Gemini Crypto Exchange raised more than $400 million from enterprising investors. The success of the fundraising enabled the company’s valuation to increase exponentially. After the funding round event, the company’s intrinsic value rose distinctively to a staggering $7 billion. 

The Golden Twins

The twins garnered a lot of publicity after legally battling head to head with Facebook (present day Meta) for monetary claims of being part of the company’s success. Facebook, the largest social media platform, found itself sandwiched in between multi-million dollar lawsuits initiated by the brothers seeking remuneration for their contributions during the early stages of Facebook growth and development.

Gemini’s top executives are not the only Gemini members leaving the digital asset company. Whether forcefully or willingly, the company has seen numerous occasions of employee release this year, as it struggles to counter the bear market.

In June 2022, the cryptocurrency exchange promulgated strategies to lay off at least 10% of its workforce. The major contributing factor of the massive lay off was presumed to be the current volatility, uncertainty and turbulence the market conditions have been displaying. Among other exchanges struggling to stay alive is Coinbase which reported a layoff of more than 1100 workers for the same reason as Gemini.