Gemini Faces Departure of Global CTO
Gemini Trust Co., the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, is experiencing a new challenge as its global chief technology officer, Pravjit Tiwana, prepares to leave the company. Tiwana, who also served as CEO for Gemini’s Asia-Pacific operations, is set to depart this month. Insiders with knowledge of the situation revealed this information anonymously due to its sensitivity.
Gemini’s Structural Transformation Under Tiwana
During his tenure in January 2022, Tiwana played a key role in reorganizing Gemini’s corporate culture, taking inspiration from Amazon Web Services’ organizational practices, where he previously held a management position for over six years. These transformative changes aimed to emulate Amazon’s dynamism and resulted in a restructuring of Gemini’s team, leading to several departures from the firm.
Tiwana’s Multifaceted Role at Gemini
Tiwana had a multifaceted role at Gemini, overseeing important departments such as product development, engineering, and design. He also spearheaded the establishment and growth of the company’s operations in India, reflecting strategic expansion into a key global market. This departure follows another high-profile exit earlier in the year when Gemini’s chief operating officer, Noah Perlman, transitioned to a new role at competitor Binance.
Gemini Engaged in Dispute with Genesis Lending
In addition to internal restructuring, Gemini has been embroiled in a prolonged dispute with crypto lender Genesis and its parent entity, Digital Currency Group (DCG). This contention has led to public exchanges between DCG’s founder, Barry Silbert, and the Winklevoss twins, highlighting the heightened tensions within the industry.
Regulatory Scrutiny and Lawsuit
Gemini is also facing intense regulatory scrutiny. The US Securities and Exchange Commission (SEC) has brought allegations against the exchange, claiming that its “Earn” program, a collaboration with Genesis, constitutes an unregistered securities offering. Gemini has disputed these claims, with Tyler Winklevoss dismissing the lawsuit as a trivial infraction.
Additionally, Gemini is facing a lawsuit from the New York Attorney General (NY AG), who accuses the company and DCG of misleading customers involving funds totaling $1.1 billion. Both companies have disagreed with the allegations, with DCG explicitly stating its intention to challenge the NY AG’s claims.
Hot Take: Gemini Faces Challenges Amidst Departures and Disputes
Gemini Trust Co., led by Tyler and Cameron Winklevoss, is currently dealing with significant challenges. The departure of its global CTO, Pravjit Tiwana, follows a period of internal restructuring that resulted in several team members leaving the firm. Additionally, Gemini is embroiled in a dispute with Genesis Lending and faces regulatory scrutiny from the SEC regarding its “Earn” program. Furthermore, the company is confronted with a lawsuit from the NY AG accusing it and DCG of misleading customers. These challenges pose potential hurdles for Gemini’s future growth and reputation within the crypto industry.
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