After ceasing operations in major regions, the Gemini crypto exchange announced plans to restructure leadership, including CFO, COO, and CLO. Chief Financial Officer Dan Chen, Chief Operating Officer Marshall Beard, and Chief Legal Officer Tyler Meade are three officials required to leave the firm at the moment.
Leadership departure comes amid growing cutoffs
Earlier this month, Gemini announced its move to reduce 25% of its workforce, which is nearly 200 jobs. For this, the firm has begun the process of ceasing operations in the UK, Australia, and the European Union (EU). The company started closing customer accounts in these regions, and has already asked them to withdraw their funds.
The current leadership changes can also be connected to this larger cost reduction, according to an official statement. For the time being, Danijela Stojanovic, the current Chief Accounting Officer, will serve as the interim CFO of the firm.
However, there is no announcement regarding who will manage the COO leadership, as the co-founder, Cameron Winklevoss, will handle multiple duties of the COO. This is not the first time Gemini has cut down its workforce. Back in 2022, the firm reduced staff by 10% due to the turbulent crypto market, which shook the prices of several cryptocurrencies.
Is 2026 signaling a wave of fintech and crypto layoffs?
Since 2026 began, the crypto market has been on a roller coaster due to ongoing geopolitical tensions and macroeconomic factors. This has resulted in a price crash with major coins showing red signals. Now, looking at firms, multiple crypto platforms have started layoff procedures besides Gemini.
Entropy, a decentralized crypto custody platform, recently closed down its operations as its “business model was not venture scale,” specifically for products it introduced last year.
Last month, Gemini’s own NFT marketplace, Nifty Gateway, met with another incident of shutdown. The NFT platform will come to a complete stop on February 23, 2026. The key reason for the closure is that Gemini plans to make itself a super app by shifting focus away from a standalone NFT marketplace. However, the firm will reportedly support NFTs through other services.
In a broader scenario, apart from the crypto sector, 108,435 layoffs were reported in the US last month, which is the worst month for layoffs in the past 17 years, according to YouTuber Crypto Rover.
