Gemini Eyes Miami Expansion as SEC Case Nears Conclusion
The Winklevoss twins’ crypto exchange, Gemini, is preparing to open a new office in the Miami area as it navigates the final stages of a legal dispute with the U.S. Securities and Exchange Commission (SEC). According to a March 31 update from real estate firm Sterling Bay Properties, Gemini has signed a lease in Miami’s Wynwood Art District, a growing hub for tech and crypto firms, Bloomberg reported. The expansion marks a strategic move by Gemini to broaden its U.S. presence beyond its current offices in New York and Europe.
Gemini Set to Open Miami Office as Early as May, Says Bloomberg
Bloomberg reports the exchange could begin operating from the new location as early as May. The office opening comes as the SEC’s enforcement action against Gemini appears to be approaching a resolution. A federal judge recently ordered a 60-day pause in the case to allow both parties to explore a potential settlement. The lawsuit, initially filed in January 2023, accuses Gemini of offering and selling unregistered securities through its now-defunct Gemini Earn program.
SEC Concludes Investigation into Gemini Without Any Charge
In a separate development, Cameron Winklevoss stated in February that the SEC had concluded an investigation unrelated to the Earn program. Earlier this year, Gemini also agreed to pay a $5 million fine to the Commodity Futures Trading Commission (CFTC) over alleged misrepresentations during its 2017 effort to launch Bitcoin futures. Gemini reportedly filed confidential paperwork for an initial public offering (IPO) in early 2024, potentially reviving plans first considered in 2021. Miami’s appeal to crypto firms continues to grow, thanks in part to Florida’s business-friendly policies and the absence of a state income tax. Gemini’s new neighbors will include Ripple Labs and crypto mining firm MARA Holdings, reinforcing the city’s status as a growing crypto hub.