Gemini sells UK and European operations to stablecoin payments company KAST for less than $10 million, marking another step in the cryptocurrency exchange’s retreat from international markets.
The transaction gives Singapore-based KAST a chance to expand its presence in two important regulated markets without acquiring Gemini’s broader business. The sale follows Gemini’s decision earlier this year to wind down operations across the UK, the European Union, and Australia as part of a broader restructuring effort.
Neither company has publicly disclosed the full terms of the agreement. Gemini declined to comment, while a KAST spokesperson confirmed that the company is actively pursuing acquisitions as its revenue and international footprint grow.
KAST Gains a Potential European Foothold Through Gemini Acquisition
The acquisition provides KAST with an opportunity to accelerate its expansion into European markets by taking over parts of Gemini’s existing regional operations.
Founded by former Circle executive Raagulan Pathy, KAST offers financial services built around stablecoins. Its products include accounts, international transfers, and payment cards that allow individuals and businesses to hold, transfer, and spend digital dollars.
The company raised $80 million in a Series A funding round in March, co-led by QED Investors and Left Lane Capital. Licensing and regulatory compliance were among the areas identified for investment, making Gemini’s existing European infrastructure potentially valuable to its expansion plans.
The transaction also emerged through a KAST recruitment listing published approximately one month earlier. The listing sought a European general manager responsible for overseeing the transition of Gemini employees across the UK and European Union.
However, it remains unclear exactly which business entities, employees, and regulatory authorisations are included in the agreement. Importantly, existing licences do not automatically transfer to a new owner. Any relevant change of control remains subject to regulatory review and approval.
Gemini’s International Retreat Continues After Restructuring
The sale follows Gemini’s February announcement that it would wind down operations in the UK, the EU, and Australia while reducing its global workforce by approximately 25%.
The company, founded by Cameron and Tyler Winklevoss, said the restructuring was intended to reduce operating costs and improve its path toward profitability. Its US and Singapore businesses were retained as the company shifted its attention toward markets where it planned to concentrate its operations.
The decision represented a significant reversal of Gemini’s earlier international expansion strategy. Rather than continuing to invest in overseas operations, the exchange began scaling back its presence and exploring opportunities to dispose of its existing regional businesses.
Potential buyers had previously examined Gemini’s European operations, partly because of the regulatory permissions associated with those entities. Acquiring an established business with relevant authorisations could offer a faster route into the market than beginning the licensing process from scratch, although regulatory approval is still required.
Crypto Acquisitions Shift Toward Licences and Market Access
The Gemini-KAST transaction also reflects a broader change in cryptocurrency industry dealmaking, where companies are increasingly pursuing smaller acquisitions to obtain regulatory access, distribution networks, and established business capabilities.
According to advisory firm Architect Partners, crypto-related mergers and acquisitions reached $2.2 billion across 67 announced transactions in the third quarter. That represented an 83% decline in deal value compared with the previous quarter, highlighting a shift in the scale of industry transactions.
For KAST, the Gemini acquisition could provide a foundation for entering European markets while building on its existing stablecoin payment services. For Gemini, the disposal allows the company to continue simplifying its international structure following its decision to withdraw from several overseas markets.
Nevertheless, important details remain unresolved, including the exact regulatory entities involved, the number of employees transferring, and when KAST expects to begin operating through the acquired businesses.
Could Gemini’s European operations give KAST a faster route into the regulated stablecoin market? And will acquisitions focused on licences and infrastructure become a bigger part of crypto industry’s expansion strategy?
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