As of yet, Gemini Europe hasn’t explained why it’s making the change, but the move coincides with significant changes in its executive teams. According to a Companies House filing, Cameron Winklevoss, co-founder of Gemini Europe and billionaire Gemini founder, has resigned as a director at Gemini Europe.
Gemini Europe, a subsidiary of Gemini cryptocurrency exchange based in New York, is a wholly owned subsidiary that currently offers services in 29 European countries.
Cameron Winklevoss and Tyler Winklevoss founded Gemini in 2014. The exchange has grown to be the 10th largest crypto exchange worldwide according to coinGecko.
Due to their involvement in the founding of Facebook, the twins were well-known in mainstream media. This led to a number of high-profile lawsuits in which the brothers sought multimillion-dollar remuneration for the alleged contributions they made to the success of this social networking giant.
They are also known for their bullish outlook on the future of Bitcoin and regularly communicate with industry professionals at events.
Gemini has not yet provided any explanations for the change, but Decrypt requested additional information.
Winklevoss wasn’t the only high-ranking executive to leave Gemini Europe’s board of directors over the past month. The firm’s executive leadership are currently working through some major changes.
Blair Halliday was the managing director at Gemini for two years. He resigned to become the managing director, UK, at Kraken, earlier this month.
Gemini’s Board of Directors has seen many new appointments over the last month.
Gillian Lynch was elected director on October 7, 2022. This came just a week after the company became the first to obtain an Electronic Money License in Ireland in October 2020. It also pip companies like Meta ( formerly Facebook).
Lynch joined the firm as an executive in April 2021. The experienced Irish executive brings over two decades of experience in financial services to the table. This includes an 11-year stint with the Bank of Ireland, and more than three years at LEVERIS, the core Irish banking vendor.
It is unclear if Winklevoss’s departure from the board has any connection with the Irish expansion.
However, the company stated that ” moving online in Ireland is the latest step” in its European growth strategy.
Gemini’s top executive team is not the only one moving on to pastures green.
The firm announced in June 2022 that it would lay off approximately 10% of its employees. a memo attributes the decision to “current, volatile market conditions that are likely and will persist for some time.
Gemini’s move was similar to those taken by Coinbase around the same period. Coinbase also mentioned issues related to “crypto winter” in trimming large portions of its staff.