Gemini Trust Co., the cryptocurrency exchange steered by Tyler and Cameron Winklevoss, faces a fresh challenge with the departure of Pravjit Tiwana, its global chief technology officer. Tiwana, who also helmed the position of chief executive officer for Gemini’s Asia-Pacific operations, is set to exit the company this month. Insiders privy to this development have shared this information, preferring to remain anonymous due to the topic’s sensitivity.
Gemini’s Structural Revamp Under Tiwana’s Lead
During his tenure in January 2022, Tiwana was instrumental in realigning Gemini’s corporate ethos, drawing inspiration from the organizational practices at Amazon Web Services, where he previously held a general management position for over six years. These transformative changes, aiming to mirror Amazon’s dynamic, led to a realignment of the team structure at Gemini, resulting in several departures from the firm.
Tiwana’s role at Gemini was multifaceted, overseeing crucial departments such as product development, engineering, and design. Moreover, he spearheaded the establishment and growth of the company’s operations in India, reflecting a strategic expansion in a key global market. This exit follows another high-profile departure earlier in the year when Noah Perlman, Gemini’s chief operating officer, transitioned to a new role at competitor Binance.
Gemini Engulfed in Genesis Lending Dispute
In addition to internal restructuring, Gemini has been embroiled in a protracted dispute with crypto lender Genesis and its parent entity, Digital Currency Group. This contention has spilled over into public exchanges between DCG’s founder, Barry Silbert, and the Winklevoss twins, illustrating the heightened tensions within the industry.
Furthermore, Gemini grapples with intense regulatory scrutiny. Significantly, the US Securities and Exchange Commission has brought allegations against the exchange. It argues that the “Earn” program, a collaborative venture with Genesis, constitutes an unregistered securities offering. Gemini, however, counters these claims, with Tyler Winklevoss equating the lawsuit to a trivial infraction.
Additionally, Gemini faces a lawsuit from the New York Attorney General, who accuses the firm and DCG of misleading customers, allegedly involving funds amounting to $1.1 billion. Both companies have disagreed with the allegations, with DCG explicitly stating its intention to challenge the NY AG’s claims.
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