Gemini Expands to Miami Amid SEC Case Resolution Efforts

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has announced plans to establish an office in the Miami area. This decision comes as the US Securities and Exchange Commission (SEC) enforcement case against the company may be nearing its conclusion.

According to a March 31 post from Sterling Bay Properties, Gemini has signed a lease for an office space in Miami’s Wynwood Art District. This expansion will add to the exchange’s existing offices in Europe and New York, bringing its operations to Florida, a region known for its favorable regulatory environment for crypto companies.

The move to Florida coincides with a federal judge's order for a 60-day stay on the SEC’s lawsuit against Gemini Global Capital. This stay is intended to allow both parties to explore a potential resolution. The enforcement action, initiated in January 2023, alleges that Gemini offered and sold unregistered securities through its Gemini Earn program.

Cameron Winklevoss had previously stated in February that the SEC had closed an investigation into a separate matter involving Gemini. Additionally, the firm 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 has reportedly filed confidentially for an initial public offering (IPO) earlier this year. The exchange had considered pursuing an IPO as early as 2021, before shares of many US-based crypto firms were publicly traded.

Several other crypto firms have established regional offices in Miami, likely due to Florida’s favorable regulatory environment and the absence of state income tax for residents. Ripple Labs, for instance, has an office in the Wynwood neighborhood, close to Gemini’s future location, while BTC miner MARA Holdings is headquartered in Fort Lauderdale.