In January, Perlman began working for Binance. Changpeng Zhao's exchange is facing a slew of regulatory difficulties in the wake of a decline in digital assets and explosions like that of rival FTX.
When the business founded by Tyler and Cameron Winklevoss had to contend with market volatility and the bankruptcy of partner Genesis, where many Gemini customers had borrowed their currencies, Perlman left Gemini.
The layoffs were previously announced on Slack by Cameron Winklevoss, co-founder and president of Gemini, who said that the company had been compelled to do so due to "unprecedented fraud" in the cryptocurrency sector and weak macroeconomic conditions.
Gemini has already conducted three rounds of personnel layoffs. According to the Information, there were only 650–700 employees left at the end of the year, down from 1,100 at the start of the year.
Gemini, a cryptocurrency business founded by the Winklevoss twins, recently gave $100 million in cash to its insolvent partner Genesis's recovery and restructuring plan. To show their dedication to getting the impacted users' money back, this sum will be set aside for their Earn users.
On Monday, the New York State Department of Financial Services revealed that it had ordered Paxos Trust Co. to stop issuing BUSD, a stablecoin with the Binance brand that has almost $16 billion in circulation.
Additionally, Binance was mentioned as one of the main counterparties to the digital asset platform Bitzlato, which was charged earlier this month with handling millions of dollars in illegal assets.