Gemini Sells Its UK and European Operations to KAST for Under $10 Million, Report Says

Published November 12, 2026, 8:45 PM PKT. Based on CoinDesk reporting on November 12, 2026 (primary source) and reporting by Crypto Briefing, Protos, TradersUnion and SpendNode the same day (secondary sources). Neither Gemini nor KAST has confirmed the deal, and the price comes from a single person familiar with the matter, so the figures below are reported, not confirmed.

Gemini has sold its UK and European operations to Singapore stablecoin payments firm KAST for less than $10 million, CoinDesk reported on November 12, 2026, citing a person familiar with the matter.

The sale is the latest step in the retreat of Gemini Space Station, the New York holding company that runs the exchange founded by Cameron and Tyler Winklevoss and listed on Nasdaq under the ticker GEMI. Gemini declined to comment on the report, and a KAST spokesperson would not discuss the deal, while saying the company is "actively in the market for M&A, as our revenue and footprint grows."

A sale priced under $10 million

The price was below $10 million, the person said, speaking on condition of anonymity because the matter is private, according to CoinDesk. The deal surfaced about a month earlier in a KAST recruitment listing, which tasked a prospective European general manager with overseeing the transition of Gemini's UK and European Union staff.

CoinDesk previously reported that potential buyers were examining Gemini's shuttered UK and European businesses to obtain their regulatory permissions, rather than pursuing a takeover of the entire Nasdaq-listed company. Neither company has said which licenses or entities changed hands, or when the transaction closed.

The February retreat it completes

The disposal follows Gemini's decision earlier this year to pull back from international markets and restructure its business to reduce costs and pursue profitability. In February, the company announced plans to wind down operations in the UK, the EU and Australia and cut about 25 percent of its global workforce, while retaining its US and Singapore businesses.

Gemini approved its exit plan on February 4, according to its subsequent filing with the U.S. Securities and Exchange Commission, as reported by SpendNode. The company expected to cut up to 200 employees, about 25 percent of its workforce at the time, and estimated about $11 million in restructuring charges.

Its customer closure notice set April 6, 2026 as the effective date for closing accounts in the UK, the European Economic Area and Australia, with UK and EU accounts scheduled to enter withdrawal-only mode on March 5, according to SpendNode.

KAST, the stablecoin buyer

KAST is a Singapore-based stablecoin payments company offering accounts, cross-border transfers and payment cards that let consumers and businesses hold, move and spend stablecoins. It was co-founded by former Circle executive Raagulan Pathy, and raised $80 million in March in a Series A round co-led by QED Investors and Left Lane Capital, with licensing and compliance among the planned uses for the funding, according to CoinDesk.

The acquisition gives KAST a ready-made European footprint and staff at a moment when stablecoin payments firms are racing to expand, and it turns Gemini's closed regional operations into a buyer of licenses and distribution rather than a rival exchange.

A shrinking market for crypto deals

The transaction comes as crypto dealmaking shifts toward smaller acquisitions that add regulatory licenses, distribution and product capabilities. Crypto mergers and acquisitions totaled $2.2 billion across 67 announced transactions in the third quarter, down 83 percent by value from the previous quarter, according to advisory firm Architect Partners, as cited by CoinDesk.

The sale also comes ahead of Gemini's third-quarter results, according to TradersUnion, which will show whether the cost-cutting and the narrower focus on the US and Singapore are moving the company toward the profitability it has promised investors.

The $100 million lifeline and the pivot

Gemini's overseas retreat came alongside fresh financial backing from the company's founders. Gemini received a $100 million capital injection from Winklevoss Capital Fund in May, with the founders' investment firm buying Class A shares at $14 apiece and paying in Bitcoin ($BTC), according to CoinDesk.

As part of its expansion beyond crypto trading into a broader markets business, the company signed a letter of intent with Apex Fintech Solutions in August to distribute its regulated crypto prediction markets to brokerage firms. Under the proposed arrangement, Gemini Titan would be the exclusive regulated venue for crypto event contracts offered through Apex's futures commission merchant, according to CoinDesk.

The KAST sale, the capital injection and the prediction-markets push all point the same way: a smaller, US-centered Gemini betting its future on regulated markets products rather than on running an exchange in every region it once entered.

Sources

• CoinDesk, Winklevoss-backed Gemini offloads UK and European units to KAST for under $10 million, November 12, 2026 (primary source: Gemini sold its UK and European operations to KAST for less than $10 million, per a person familiar with the matter; Gemini declined to comment; KAST would not discuss the deal; February wind-down of UK, EU and Australia operations and about 25 percent workforce cut; KAST raised $80 million in March; crypto M&A totaled $2.2 billion in the third quarter, down 83 percent; $100 million Winklevoss Capital Fund injection in May paid in Bitcoin; August letter of intent with Apex Fintech Solutions)
• Crypto Briefing, Gemini sells overseas businesses as Winklevoss exchange cuts costs: Report, November 12, 2026 (secondary source: sale follows February plans to exit the UK, European Union and Australian markets and eliminate about 25 percent of the global workforce; Gemini retained its US and Singapore businesses)
• Protos, Winklevoss twins sell UK and Europe Gemini operations, report, November 12, 2026 (secondary source: KAST co-founded by former Circle executive Raagulan Pathy and fintech specialist Daniel Bertoli; recruitment listing referenced the transition of Gemini staff)
• TradersUnion, Gemini sells UK and European operations to KAST as crypto exchange reshapes overseas business, November 12, 2026 (secondary source: sale comes ahead of Gemini's third-quarter results; KAST raised $80 million in March and is expanding M&A activity)
• SpendNode, Gemini Sells UK and European Units to KAST for Under $10M: Report, November 12, 2026 (secondary source: exit plan approved February 4 per SEC filing; up to 200 employees cut and about $11 million in restructuring charges; customer accounts in the UK, European Economic Area and Australia closed effective April 6, 2026, with withdrawal-only mode from March 5)

This article is news reporting and is not investment advice.