TLDR
- Gemini is opening an 8,840 square foot office in Miami’s Wynwood Art District
- The crypto exchange expects to occupy the space by May 2025
- A federal judge ordered a 60-day stay on the SEC’s lawsuit against Gemini
- The company filed confidentially for an IPO earlier this year
- Miami’s Wynwood neighborhood has become a hub for crypto and tech companies
Cryptocurrency exchange Gemini, founded by billionaire twins Cameron and Tyler Winklevoss, is expanding its operations to Miami, Florida. The company recently signed a lease for office space in the city’s trendy Wynwood Art District. This expansion comes as the firm appears to be resolving regulatory issues with the U.S. Securities and Exchange Commission (SEC).
According to a statement from Sterling Bay Properties, Gemini’s new Miami office will occupy 8,840 square feet at 545wyn, located at 545 NW 26th Street. The exchange is expected to move into the space by May 2025, adding to its existing offices in New York and Europe.
The 10-story office building, developed by Chicago-based Sterling Bay in 2020, already houses other major tenants including Sony Group Corp., PwC, and Gensler. Gemini’s decision to join these companies highlights Wynwood’s growing status as a technology hub.
Wynwood: Miami’s Growing Tech Hub
Once known primarily for its warehouses and street art, Wynwood has transformed into a thriving center for both residential and commercial development in Miami. The neighborhood has attracted several high-profile companies in recent years.
Amazon recently agreed to lease space at nearby Wynwood Plaza, marking the district’s largest office lease to date. Other notable tenants in the area include Marcelo Claure’s investment firm, Peter Thiel’s Founders Fund, and Spotify Technology.
Juan Ruiz, vice chairman of Blanca Commercial Real Estate, which represented the landlord in the Gemini deal, noted the importance of this latest addition.
“Gemini’s decision to plant their flag at 545wyn speaks volumes about Wynwood’s evolution from an arts district to a magnet for top-tier technology and creative companies seeking a vibrant, walkable neighborhood,” Ruiz stated.
The cryptocurrency exchange will be joining fellow crypto company Ripple Labs, which already has an office in the Wynwood neighborhood. Several crypto firms have established regional offices in Miami, possibly due to Florida’s favorable regulatory environment and lack of state income tax for residents.
Regulatory Developments
Gemini’s expansion to Miami comes amid what appears to be progress in resolving regulatory challenges. A federal judge recently ordered a 60-day stay on the SEC’s lawsuit against Gemini Global Capital “to allow the parties to explore a potential resolution.”
The SEC filed the enforcement action in January 2023, alleging that the crypto firm offered and sold unregistered securities through its Gemini Earn program. However, this pause suggests the parties may be working toward a settlement.
In February, Cameron Winklevoss stated that the regulator had closed an investigation into a separate matter involving Gemini. Additionally, in January, the firm agreed to a $5 million penalty imposed by the U.S. Commodity Futures Trading Commission over alleged “false and misleading” statements related to its 2017 bid to offer Bitcoin futures contracts.
Gemini reportedly filed confidentially for an initial public offering (IPO) earlier this year. The exchange may have considered an IPO as early as 2021, before many U.S.-based crypto firms went public.
The move to Florida and the potential resolution of regulatory issues could position Gemini for its next phase of growth in the evolving cryptocurrency landscape.
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