Gemini in Crisis: Executives Depart, Legal Struggles Continue
In the midst of an unpredictable regulatory environment, the departure of key figures from cryptocurrency companies continues unabated.
Allegedly, Pravjit Tiwana, the Chief Technology Officer at Gemini, is rumored to be departing from the company in November 2023, as per sources disclosed to Bloomberg on November 6.
Both Gemini and Tiwana have refrained from responding to requests for comments made by DailyCoin on this matter.
Tiwana took on the role at Gemini in January 2022 and held a dual position as the Chief Executive Officer for the Asia-Pacific region, significantly contributing to the company’s product engineering and developmental endeavors. Notably, he played a vital role in Gemini’s India expansion, overseeing the management of the Gurgaon engineering and design facility.
Prior to joining Gemini, Tiwana served as a general manager at Amazon Web Services for a span of six years.
Tiwana’s potential departure comes at a challenging time for Gemini, as the company faces internal hurdles despite its international expansion efforts.
Gemini encountered setbacks in November 2022 when it had to suspend its “Earn” product due to the collapse of Genesis, a crypto lending firm owned by Digital Currency Group (DCG), following the FTX collapse. Genesis, at that time, held over $1 billion in assets from Gemini customers, resulting in an ongoing dispute between the parties for nearly a year.
Further complications emerged in January 2023 when Gemini faced a lawsuit from the U.S. SEC, alleging the unregistered sale of securities through its “earn” product. Co-founder Tyler Winklevoss dismissed the lawsuit as baseless.
The situation escalated in October 2023 when the New York Attorney General’s office filed a lawsuit against Gemini, Genesis, and DCG, accusing them of defrauding investors.