Gemini’s former UK and European operations are being acquired by stablecoin payments company KAST in a transaction reportedly valued at less than $10 million, months after the Winklevoss-foun
Gemini’s former UK and European operations are being acquired by stablecoin payments company KAST in a transaction reportedly valued at less than $10 million, months after the Winklevoss-founded exchange withdrew from both markets.
The acquisition is supported by KAST’s European recruitment plans, which explicitly reference the integration of Gemini’s acquired UK and EU entities and the transfer of regional employees.
Neither company has publicly confirmed the purchase price or disclosed the full transaction terms. Gemini has not announced the disposal in its financial disclosures, while KAST has yet to identify which regulatory permissions and legal entities are included.
The Singapore-based buyer is preparing to expand its European stablecoin payments business through the acquired operations, potentially gaining existing regulatory infrastructure and local personnel rather than building its presence entirely from scratch.
KAST is recruiting a European general manager to oversee the integration of Gemini’s regional businesses, including regulatory approvals, commercial partnerships and the transition of employees.
The position carries an annual salary of €180,000 to €250,000 and is based in Dublin, Ireland. Responsibilities include coordinating change-of-control and reauthorization procedures, aligning KAST’s products with the acquired licenses and expanding payment operations across Europe.
Gemini previously invested heavily in European regulatory approvals, securing a MiFID II investment firm license in Malta in May 2025 before obtaining a MiCA crypto-asset service provider license three months later.
Its British operations also held regulatory permissions through Gemini Payments UK, an authorized electronic money institution, and Gemini Intergalactic UK, a registered cryptoasset business.
The Financial Conduct Authority previously confirmed that it would continue supervising both entities until their respective permissions and registrations were canceled.
Whether KAST will retain those specific authorizations remains unclear. The proposed change of ownership requires applicable regulatory procedures, and existing licenses cannot simply be treated as automatically transferable.
KAST, founded by former Circle executive Raagulan Pathy, provides stablecoin accounts, international payments and spending cards. The company raised $80 million in March through a funding round co-led by QED Investors and Left Lane Capital, with licensing and compliance among its stated investment priorities.
Gemini announced plans to leave the UK, European Union and Australia in February, alongside a 25% workforce reduction intended to lower operating costs and concentrate resources on its US business.
Customer accounts across the affected markets were scheduled for closure on April 6, following a withdrawal-only period that began in March.
The restructuring marked a reversal of Gemini’s international expansion strategy, which had previously emphasized European licenses, institutional services and derivatives trading.
Its latest financial results show that the cost-cutting program is still underway. Gemini recorded third-quarter revenue of $40.9 million, down 19% year over year, while operating expenses fell 30% to $119.9 million.
The company reported a quarterly net loss of $58.6 million, compared with $159.5 million a year earlier. Exchange revenue declined 47% as spot trading volumes fell sharply.
Gemini is increasingly concentrating its product development on US-based trading, prediction markets and regulated financial infrastructure.
KAST’s European expansion plans include introducing KAST Business and KAST Private through the acquired entities. Its recruitment brief assigns the incoming regional manager responsibility for completing change-of-control procedures, obtaining necessary reauthorizations and establishing the payment partnerships required for the planned launches.
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