The move comes as the SEC retreats from its anti-cryptocurrency position
Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is set to expand its presence with a new office in Miami’s Wynwood Art District. The move marks a shift toward the Florida crypto scene and comes during a period when the firm may be wrapping up some of its ongoing regulatory matters.
Real estate company Sterling Bay announced on March 31 that Gemini has signed a lease for a space in Miami. This new location places Gemini in close proximity to other major crypto companies, including Ripple Labs, which already operates an office in the same neighborhood. Media reports that Gemini is expected to begin operating from the Miami location by May.
This expansion comes just as the US Securities and Exchange Commission’s (SEC) legal action against Gemini appears to be slowing down. A judge recently issued a 60-day pause in the SEC’s case, giving both sides time to discuss a possible resolution. The lawsuit, filed in January 2023, accused Gemini of offering unregistered securities through its Earn program.
Gemini has been involved in multiple regulatory issues in recent years. Earlier in 2024, the company agreed to pay a $5 million penalty to the US Commodity Futures Trading Commission over statements related to its past efforts to launch Bitcoin futures. Cameron Winklevoss also said in February that a separate SEC investigation had been closed.
Reports suggest Gemini filed confidentially for an initial public offering earlier this year, signaling renewed interest in becoming a publicly traded company. Miami’s appeal for crypto firms continues to grow, helped by Florida’s favorable tax policies and a more flexible approach to regulation. Gemini’s choice of location aligns with this trend, joining a growing list of crypto firms now operating from the Sunshine State.
