The cryptocurrency exchange Gemini, co-founded by Cameron and Tyler Winklevoss, is set to establish an office in the Miami area as its case with the US Securities and Exchange Commission (SEC) appears to be nearing a conclusion.
A post from Sterling Bay Properties on March 31 indicated that Gemini secured a lease in Miami’s Wynwood Art District. This relocation signifies the exchange’s expansion from its offices in Europe and New York to Florida, where various cryptocurrency companies are based.
Bloomberg reported that Gemini is anticipated to occupy its new Miami office by May. Inquiries directed to the exchange for insights went unanswered at the time of publication.
Concluding regulatory challenges?
This shift to Florida coincided with a federal judge’s decision granting a 60-day pause on the SEC’s case against Gemini Global Capital “to give the parties time to pursue a possible settlement.” The action, initiated in January 2023, claims that the crypto company offered and sold unregistered securities through its Gemini Earn program.
Cameron Winklevoss mentioned in February that the SEC had completed an inquiry into another aspect involving Gemini. Additionally, the firm agreed in January to a $5 million fine from the US Commodity Futures Trading Commission due to alleged “false and misleading” remarks concerning its bid to launch Bitcoin (BTC) futures contracts in 2017.
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Gemini reportedly submitted confidential documentation for an initial public offering (IPO) earlier in the year. The exchange may have considered pursuing an IPO as soon as 2021, before shares of many American-based crypto companies became publicly available.
Numerous cryptocurrency firms have set up regional offices in Miami, likely due to the state’s favorable regulatory landscape and the absence of state income tax for residents. Ripple Labs maintains an office in the Wynwood area, close to where Gemini will be located, and BTC miner MARA Holdings is based in Fort Lauderdale.
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