Gemini UK and EU operations sold to KAST for under $10 million as the Singapore-based firm expands its European regulatory footprint.
Author: Akshay
12th November 2026 – Gemini has sold its UK and EU operations to Singapore-based stablecoin firm KAST for under $10 million. CoinDesk reported the deal on Wednesday, citing a person familiar with the matter.
High Signal Summary For A Quick Glance
Kevihaiceth 💹🧲
@Kevihaiceth
@SolanaFloor @KASTxyz @Gemini Big move for KAST honestly
NEWS: @KASTxyz has acquired @Gemini's UK and EU operations in a deal reportedly valued at less than $10 million. The acquisition expands KAST's European presence as Gemini retreats from international markets. https://t.co/DJ579373Js
12:53 PM·Nov 12, 2026
PHOENIX - Crypto News & Analytics
@pnxgrp
💰 @Gemini sells UK and European units to @KASTxyz for less than $10M #GeminiSpaceStation (GEMI), the New York-based parent company of the crypto exchange founded by Cameron and Tyler Winklevoss, has sold its U.K. and European businesses to stablecoin payments firm #KAST for https://t.co/rm70zaHtxv
12:15 PM·Nov 12, 2026
High attention and emotional sentiment detected.
The source spoke anonymously because the deal is private. Gemini declined to comment. KAST declined to discuss the specific transaction, so the figure rests on that single account for now.
The deal covers the Gemini UK and EU operations, including a transition of the exchange’s staff. A KAST job listing for a European general manager, posted about a month earlier, had already hinted at the move.
Primary reporting does not spell out the exact legal entities, user books, assets, or licenses that changed hands. According to CoinDesk, earlier suitors had examined the shuttered units mainly for their regulatory permissions. They were not chasing an active business or revenue.
The price tells its own story. At its 2025 listing, the company commanded a peak valuation near $4.4 billion. It reportedly sold a whole regional footprint for less than the price of one London flat.
Gemini UK/EU Licenses & User Base: Before vs. After KAST
Deal-value benchmarks: FTX EU to Backpack: $32.7 million for a MiFID II-licensed entity. Bitstamp to Robinhood: approximately $200 million for an operating exchange with 50+ global licenses and registrations, customers, and revenue. Established MiCA CASP acquisitions are estimated at €2 million–€10 million+, while fresh applications may cost €350,000–€2 million and take 6–18 months.
Key takeaway: The reported sub-$10 million transaction is best understood as a license-and-entity acquisition following Gemini’s customer offboarding, rather than the purchase of a going-concern exchange. Regulatory change-of-control approvals remain outstanding.
KAST is a stablecoin-native money app. It offers USD accounts, cross-border transfers, and Visa cards for spending stablecoins such as USDT and USDC across 170-plus countries.
Raagulan Pathy, a former Circle executive in Asia, founded the firm in July 2024. Since then it has grown to more than 1 million users and roughly $5 billion in annualized transaction volume.
The appeal of the Gemini UK and EU operations looks like speed, not users. Those units had already closed. So the prize is the regulatory footprint, which would let KAST operate under its own brand.
A KAST spokesperson framed the strategy in general terms. “We are actively in the market for M&A, as our revenue and footprint grows,” the spokesperson told CoinDesk. The person did not confirm any deal specifics.
The firm has the cash to pursue it. KAST raised an $80 million Series A in March 2026. QED Investors and Left Lane Capital co-led the round, at a reported valuation near $600 million.
Gemini announced the wind-down of its UK, EU, and Australia operations in early February 2026. At the same time, it cut about 25% of its global staff, roughly 200 jobs. The company kept only the US and Singapore.
Customer accounts went withdrawal-only from March 5, 2026, then closed fully from April 6. Gemini partnered with eToro to offboard affected users.
The Winklevoss brothers framed the retreat as a strategic focus. They pointed to the US, Singapore, and regulated prediction markets, a plan they called “Gemini 2.0.” The UK regulator later confirmed the exit in a February news story from the FCA.
Gemini priced its IPO at $28 in September 2025 and raised $425 million above range. The stock opened strong near $37 and briefly supported a valuation around $4.4 billion.
The picture looks very different now. GEMI traded near $2.72 on November 11, 2026. That puts its market cap roughly in the $300 million to $360 million range.
Pressure has also hit the top ranks. Recent exits include the chief financial officer, chief operating officer, and chief legal officer. All three left months after the listing.
Gemini’s expansion across the UK and Europe, followed by its 2026 regional exit and reported sale of those operations to KAST, marks a major shift in the exchange’s international strategy.
Gemini Intergalactic UK Ltd is incorporated under Companies House number 12471710. The company subsequently secures FCA cryptoasset registration, while Gemini Payments UK Ltd separately receives FCA authorisation for e-money activities.
Gemini announces Malta as its European regulatory hub after receiving a Virtual Financial Assets (VFA) licence there in December 2024, preparing for operations under the EU’s MiCA framework.
Gemini Intergalactic EU Ltd receives Crypto-Asset Service Provider (CASP) authorisation from the Malta Financial Services Authority. The approval enables the company to passport its authorised services across the European Economic Area.
Gemini Space Station launches its IPO under the ticker GEMI. Shares are priced at $28, raising approximately $425 million. Trading begins strongly, briefly valuing the company at around $4.4 billion to $4.75 billion.
Gemini announces it will wind down operations in the UK, EU, and Australia, cut approximately 25% of its global workforce (around 200 jobs), and refocus on the US and Singapore. Customer accounts are scheduled to become withdrawal-only from March 5 and close from April 6. An eToro partnership supports customer offboarding, while the FCA confirms the UK exit.
Gemini implements its phased account restrictions and closures across the UK, EU, and Australia. Customer access transitions to withdrawal-only before the scheduled final account closure on April 6.
A KAST recruitment listing for a European general manager references responsibility for transitioning Gemini’s UK and EU staff. The listing becomes an early public indication of a possible transaction between the companies.
CoinDesk reports, citing a person familiar with the matter, that Gemini Space Station has sold its UK and European operations to KAST for less than $10 million. Gemini declines to comment, while a KAST spokesperson confirms the company’s active M&A interest without discussing the reported transaction. Deal terms remain undisclosed.
Any transfer involving regulated entities or licences may require regulatory change-of-control approvals, including FCA review for UK entities and MFSA review under MiCA for the Malta-based EU entity. The exact entities and licence arrangements involved have not been publicly confirmed.
The final closing date, transaction structure, transferred assets and entities, and any remaining customer-data or operational migration arrangements are still undisclosed. Most regional retail accounts had already been closed by April 2026.
For most UK and EU users, the practical impact landed months ago. Accounts closed in the spring of 2026, and balances moved to eToro or external wallets under the wind-down plan.
A buyer acquiring the entities mainly gains the permissions to operate or relaunch services, subject to approvals. So any continuity for residual customers would arrive under KAST’s model, not Gemini’s exchange.
Still, the details remain thin. Neither company has published a customer migration plan, and the status of any license transfer is unclear.
The deal fits a broader slowdown. According to Architect Partners, crypto M&A in the third quarter of 2026 totaled $2.2 billion across 67 deals. That marked a drop of 83% by value year over year.
That environment favors small, targeted purchases of licenses and capabilities. In short, buyers increasingly chase regulatory permissions rather than active revenue.
Licenses do not transfer automatically. A change of control under MiCA would typically require regulatory review. The equivalent UK process applies before KAST could use any acquired permissions.
Several questions stay open. The exact price, the deal structure, the entities, and the closing date all remain unconfirmed. The status of any regulatory approvals is also unclear.
For now, the story reads as a low-cost license grab for KAST. It also marks another step in Gemini’s narrowing focus. Watch for any formal confirmation from either company and for filings at Companies House or the regulators cited by CoinDesk.
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