Source: Cointelegraph Original: "{title}"

Cryptocurrency exchange Gemini, backed by Cameron and Tyler Winklevoss, plans to move into office space in the Miami area as the U.S. Securities and Exchange Commission (SEC) enforcement case against it may be nearing its conclusion.

According to a post by Sterling Bay Properties on March 31, Gemini has signed a lease to open an office in Miami's Wynwood Arts District. This move will expand the exchange's offices from Europe and New York to Florida, which is home to several cryptocurrency companies.

Bloomberg reported that Gemini is expected to relocate to its Miami office before May. Cointelegraph reached out to the exchange for comment but did not receive a response by the time of publication.

Resolving Regulatory Issues?

As the company moves to Florida, a federal judge has ordered a 60-day delay in the SEC's lawsuit against Gemini Global Capital "to allow both parties to explore possible resolutions." The enforcement action was initiated in January 2023, accusing the cryptocurrency company of offering and selling unregistered securities through its Gemini Earn program.

Cameron Winklevoss stated in February that regulators had concluded their investigation into another matter involving Gemini. In January, the company also agreed to pay a $5 million fine to the U.S. Commodity Futures Trading Commission (CFTC) for allegedly making "false and misleading" statements when bidding to offer Bitcoin (BTC) futures contracts in 2017.

Reports indicate that Gemini secretly filed for an initial public offering (IPO) earlier this year. The exchange may have considered going public as early as 2021, when many U.S.-based cryptocurrency companies had not yet publicly traded their stocks.

Many cryptocurrency companies have regional offices in Miami, likely due to Florida's seemingly favorable regulatory environment and the state's policy of not imposing state income tax on residents. Ripple Labs has an office in the Wynwood community, not far from Gemini's future office location, while Bitcoin miner MARA Holdings is headquartered in Fort Lauderdale.

Related: SEC and Gemini request to pause litigation to explore "potential resolutions"

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