Perlman started at Binance in January. Following a slump in digital assets and blowups like that of rival FTX, billionaire Changpeng Zhao’s exchange is dealing with a plethora of regulatory challenges.

Perlman departed Gemini when the corporation created by Tyler and Cameron Winklevoss dealt with market instability and the bankruptcy of partner Genesis, where many Gemini users had borrowed their currencies.

Previously, Coincu reported Cameron Winklevoss, co-founder and president of Gemini, informed employees of the layoffs on Slack, saying that poor macroeconomic conditions and “unprecedented fraud” in the crypto industry have forced the company to lay off employees.

Gemini has executed three rounds of cutting employees so far. The Information earlier claimed that from 1,100 employees at the beginning of the year, there were only between 650 and 700 workers by the end of the year.

Recently, the Winklevoss twins’ cryptocurrency company Gemini donated $100 million in cash to its bankrupt partner Genesis’s recovery and restructuring plan. This amount will be reserved for their Earn users, demonstrating their commitment to recovering the affected users’ funds.

The New York State Department of Financial Services announced on Monday that it had forced Paxos Trust Co. to cease issuing BUSD, a Binance-branded stablecoin with around $16 billion in circulation.

Besides, Binance was cited as one of the primary counterparties to digital-asset platform Bitzlato, which was accused of handling millions of dollars in unlawful funds earlier this month.

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