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Gemini's Miami Office Pauses IPO Amid SEC Inquiry

Cryptocurrency exchange Gemini has temporarily paused its initial public offering (IPO) amid an inquiry by the United States Securities and Exchange Commission (SEC).

According to a report by Bloomberg, Gemini's Miami office has been put on hold as the SEC investigates the company's compliance with securities laws. The regulator is reportedly examining Gemini's handling of customer funds and its use of a special purpose acquisition company (SPAC) to go public.

Gemini, which was founded by Cameron and Tyler Winklevoss, has been seeking to go public through an IPO, which would value the company at around $7.1 billion. The company had filed its IPO prospectus with the SEC in November, but the regulator has since launched an inquiry into the company's operations.

The pause in Gemini's IPO is the latest development in a series of regulatory issues that have plagued the cryptocurrency industry. In recent months, several major cryptocurrency exchanges have faced scrutiny from regulators, including Coinbase and Binance.

Gemini's Miami office is one of the company's largest operations, and the pause in its IPO is expected to have significant implications for the company's plans to go public. The company has not commented publicly on the matter, but sources close to the company have indicated that it is working to resolve the issue with the SEC.

The SEC's inquiry into Gemini's operations is the latest development in a series of regulatory issues that have plagued the cryptocurrency industry. In recent months, several major cryptocurrency exchanges have faced scrutiny from regulators, including Coinbase and Binance. The regulatory environment for cryptocurrency companies is expected to continue to evolve in the coming months, and the pause in Gemini's IPO is likely to have significant implications for the company's plans to go public.