OKX delists stablecoin from Gemini

Crypto exchange OKX will remove from the listing trading pairs with Gemini USD (GUSD) stablecoin, as well as the stablecoin itself. The exchange announced this on its official website. What exactly caused the delisting is not specified.

The exchange only stated that they periodically revalue assets based on user feedback and compliance with OKX requirements. The delisting of GUSD is scheduled for February 1, 2023. At the time of writing, Gemini has not commented on the delisting.

Meanwhile, Axios has revealed that the New York State Department of Financial Services (NYDFS) has launched an investigation against Gemini for potential misrepresentation. Officially, the NYDFS declined to comment on the investigation, but did not deny its existence.

The publication believes that the check against Gemini may be related to the now closed crypto-lending division of Gemini Earn. Previously, customers of the service lost their assets due to the bankruptcy of Gemini Earn partner Genesis. Gemini management claims that Genesis owes $900 million to the crypto exchange.

Difficulties in Gemini’s business partners led to layoffs at the trading floor. As reported by The Information, Gemini has already made its third round of layoffs, laying off 10% of its employees. According to the publication, some key employees left Gemini earlier, including chief operating officer Noah Perlman, as well as general counsel Nils Gertson.

However, Gemini is not the only company in the cryptocurrency market that has reduced staff. Many other major crypto companies, including Coinbase, Crypto.com, and ConsenSys, have also reorganized their businesses amid the ongoing crypto winter. In the first few weeks of 2023 alone, they collectively cut hundreds of jobs. In addition, job cuts across the industry come at a time when many analysts and economists are predicting a US recession in 2023.

Source: CryptoNewsHerald.com

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