Crypto exchange Gemini has reduced its workforce by approximately 30% since the start of the year, bringing its total headcount to around 445 employees.
The move is part of a broader industry trend, with several major exchanges implementing significant workforce reductions in recent months. This includes Crypto.com, which confirmed a workforce reduction of approximately 12%, affecting around 180 employees based on a previously reported headcount of more than 1,500.
The layoffs are linked to cost controls and technology adoption, as well as financial pressure and operational restructuring within the sector. Gemini's decision to exit operations in the United Kingdom, European Union, and Australia is also part of its broader restructuring efforts.