The cryptocurrency exchange Gemini, backed by Cameron and Tyler Winklevoss, plans to move into a Miami-area office space, as US Securities and Exchange Commission (SEC) enforcement case may have reached its end.
According to a March 31 post from Sterling Bay Properties, Gemini signed a lease for an office in Miami’s Wynwood Art District. The move would expand the exchange’s offices from Europe and New York to Florida, where some crypto companies are headquartered.
Bloomberg reported Gemini was expected to move into the Miami office by May. Cointelegraph reached out to the exchange for comment but did not receive a response at the time of publication.
Wrapping up regulatory issues?
The move to Florida came amid a federal judge ordering a 60-day stay on the SEC’s lawsuit against Gemini Global Capital “to allow the parties to explore a potential resolution.” The enforcement action, filed in January 2023, alleges the crypto firm offered and sold unregistered securities through its Gemini Earn program.
Cameron Winklevoss said in February that the regulator had closed an investigation into a separate matter involving Gemini. The firm also agreed in January to a $5 million penalty imposed by the US Commodity Futures Trading Commission over alleged “false and misleading” statements related to its 2017 bid to offer Bitcoin (BTC) futures contracts.
Gemini reportedly filed confidentially for an initial public offering (IPO) earlier this year. The exchange may have pursued an IPO as early as 2021 before shares of many US-based crypto firms were publicly traded.
Several crypto firms have regional offices in Miami, possibly due to Florida’s seemingly favorable regulatory environment and the lack of state income tax for residents. Ripple Labs has an office in the Wynwood neighborhood, not far from Gemini’s future location, and BTC miner MARA Holdings is headquartered in Fort Lauderdale.