Gemini Sells UK and European Units to KAST for Under $10M: Report
Gemini’s regional businesses reportedly sold to stablecoin payments firm KAST for under $10 million, following the exchange’s earlier withdrawal.
Key Notes
- Gemini’s UK and European operations have reportedly been sold to KAST for less than $10 million.
- The reported deal follows Gemini’s regional withdrawal and the April 6 account closure date.
- KAST recruitment material outlines staff and entity integration but does not confirm completed regulatory approvals or automatic account migration.
Gemini has sold its UK and European operations to stablecoin payments company KAST for less than $10 million, CoinDesk reported on November 12, citing a person familiar with the transaction. The reported deal follows Gemini’s regional withdrawal announced earlier this year.
Neither company publicly confirmed the purchase price in the CoinDesk report. Gemini declined to comment, while a KAST spokesperson declined to discuss the transaction but said the company was actively pursuing acquisitions as its revenue and geographic footprint grew.
The report concerns regional businesses, not a takeover of Gemini Space Station, the Nasdaq-listed parent of the exchange founded by Cameron and Tyler Winklevoss. The reported price therefore does not value the entire group.
A Regional Exit Already Underway
The sale would put a new owner behind businesses Gemini had already decided to wind down. In a February 5 SEC filing, the exchange disclosed a restructuring plan approved the previous day, covering the UK, European Union, other European jurisdictions and Australia.
That plan included cutting up to 200 employees, approximately a quarter of its global workforce at the time. Gemini said the changes were intended to reduce operating expenses and support profitability, with its US and Singapore operations continuing.
Gemini’s customer notice subsequently set April 6 as the account-closure date for the affected markets. The reported KAST transaction concerns the UK and Europe. CoinDesk did not describe Australia as part of the acquisition.
Recruitment Material Points to Integration
A KAST general manager job listing, posted September 23 on Solana’s careers board, describes integrating acquired UK and EU entities and transitioning Gemini employees to KAST. The listing is no longer accepting applications.
The responsibilities also include managing change-of-control and reauthorization processes with legal and regulatory advisers, then expanding fiat transfers, card spending and business services. That provides evidence of planned integration, but does not establish that every regulatory approval has been obtained.
The listing does not disclose a purchase price, completion date or the precise legal entities involved. It also does not say that former Gemini customers’ accounts will automatically move to KAST. Those details remain separate from the reported sale.
KAST Builds Its Payments Footprint
KAST offers stablecoin accounts, transfers and payment cards. Founded by former Circle executive Raagulan Pathy, it announced an $80 million raise in March, co-led by QED Investors and Left Lane Capital.
The company said that funding would support licensing, compliance, product development and hiring as it expanded internationally. Acquiring existing regional businesses could fit that strategy, although the announcement did not allocate funding to this particular purchase.
For Gemini, the transaction follows a narrower geographic focus. For KAST, the practical questions are which operations it will retain, how staff and services will integrate, and what permissions its European rollout will require.
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