Nikolas Sargeant
The Winklevoss twins' cryptocurrency exchange, Gemini, is setting its sights on Miami's vibrant tech landscape with plans to open a new office while navigating the final stages of its legal dispute with the U.S. Securities and Exchange Commission (SEC).
According to real estate firm Sterling Bay Properties' March 31 update, Gemini has secured office space in Miami's Wynwood Art District, an emerging hotspot for technology and cryptocurrency companies, Bloomberg reported. This expansion represents a strategic initiative to extend Gemini's U.S. footprint beyond its established New York headquarters and European operations.
Miami Office Launch Expected by Early Summer
Bloomberg indicates the exchange could begin operations at its new Miami location as early as May. This development coincides with what appears to be progress in resolving Gemini's ongoing legal challenges with the SEC.
Recently, a federal judge ordered a 60-day pause in proceedings to allow both parties to explore settlement possibilities. The legal battle began in January 2023 when the SEC filed charges accusing Gemini of offering and selling unregistered securities through its now-discontinued Gemini Earn program.
Regulatory Matters Reaching Resolution
In February, Cameron Winklevoss announced that the SEC had concluded a separate investigation unrelated to the Earn program. Earlier this year, Gemini also agreed to a $5 million settlement with the Commodity Futures Trading Commission (CFTC) over alleged misrepresentations during its 2017 Bitcoin futures initiative.
The company reportedly filed confidential paperwork for an initial public offering (IPO) in early 2024, potentially reviving plans first considered in 2021.
Miami continues to attract cryptocurrency businesses, largely due to Florida's business-friendly regulatory environment and absence of state income tax. By establishing a presence in Wynwood, Gemini joins notable industry players like Ripple Labs and crypto mining firm MARA Holdings, further cementing Miami's reputation as an emerging cryptocurrency hub.
