Gemini Sells UK and EU Operations to KAST for Under $10 Million

Gemini has sold its UK and European Union operations to stablecoin payments firm KAST for less than $10 million, according to a person familiar with the transaction cited by CoinDesk on November 12. The disposal closes out a regional retreat that Gemini, the exchange founded by Cameron and Tyler Winklevoss, first signaled in February when it announced its exit from the UK, EU and Australia alongside workforce cuts of up to 25%.

Gemini declined to comment. A KAST spokesperson would not confirm the transaction directly but told CoinDesk: "we are actively in the market for M&A, as our revenue and footprint grows." The price — under $10 million — is modest for a business that until this year held licenses across major European jurisdictions, and it signals how far the operational value of a mid-sized exchange's regional arm has compressed once the customer base is winding down.

The transaction did not appear from nowhere. Roughly a month before the CoinDesk report, a KAST recruitment listing for a European general manager asked the candidate to oversee the transition of Gemini's UK and EU staff. For practitioners, the takeaway is straightforward: the buyer has acquired entities, people and market access, not a going concern with retained retail flow.

What did the European exit actually involve?

Gemini's customer notice set April 6, 2026 as the effective account-closure date for customers in the UK, European Economic Area and Australia. UK and EU accounts moved into withdrawal-only mode on March 5, while Australian accounts entered crypto withdrawal-only mode on March 1.

Affected customers were instructed to withdraw crypto and fiat before April 6. Gemini partnered with eToro to facilitate asset transfers, though its notice made clear customers could choose another platform. Customers with staked holdings were told to begin unstaking early, and the exchange warned that approving a new withdrawal address could take up to seven days for users with address-protection features enabled.

Who is KAST and why does this fit?

KAST is a fintech founded in July 2024 by former Circle executive Raagulan Pathy. It provides dollar-denominated accounts and stablecoin payment services, operating through licensed partners for regulated services. The company announced an $80 million Series A on March 9, co-led by QED Investors and Left Lane Capital, with returning investors Peak XV Partners, HSG and DST Global Partners.

At the time of the round, KAST said it had more than one million users and was processing nearly $5 billion in annualized transaction volume. It directed the proceeds toward expansion across Latin America, North America and the Middle East, alongside licensing, compliance, product development and hiring.

By September, KAST had launched stablecoin business accounts combining accounts, cards, stablecoin deposits and local-currency payouts. The service supports transfers in more than 20 currencies and serves businesses across over 170 countries, with tools for receiving payments, holding balances, and paying employees or vendors. Acquiring Gemini's European entities gives KAST a regulated foothold in jurisdictions where building licensing from scratch would take considerably longer than an integration.

How is Gemini funding itself through the retreat?

The restructuring has run alongside new founder capital. Gemini's May 14 earnings announcement disclosed a $100 million investment from Winklevoss Capital Fund, priced at $14 per Class A share and paid in bitcoin.

First-quarter revenue totaled $50.3 million, up 42% year over year. Exchange revenue fell 27% to $17.2 million, while services revenue and interest income reached $24.5 million — 49% of the total. Operating expenses rose 73% to $144.5 million, driven mainly by compensation, marketing and credit card costs tied to the 2025 expansion, partly offset by workforce reductions. In plain terms, the company spent nearly three dollars for every dollar of revenue it brought in during the quarter.

What does the retreat make room for?

Gemini is redirecting resources toward U.S. product lines. Its prediction-market business generated $400,000 in its first full quarter after launching in December 2025, with approximately 20,000 users trading since launch. In August, Gemini signed a letter of intent with Apex Fintech Solutions for prediction market distribution. Under the proposed arrangement, Gemini Titan would serve as the exclusive regulated venue for crypto event contracts offered through Apex's futures commission merchant, with brokerages relying on Gemini for execution and clearing. The companies said they could also cooperate on sports, economic and financial event contracts on a non-exclusive basis, with the agreement subject to final terms.

What does this change for the market? A retrenched Gemini is becoming a narrower, U.S.-focused business, while KAST converts an $80 million raise into regulated European distribution. The practical deadline to watch is April 6, 2026, when Gemini's remaining UK, EEA and Australian accounts close for good.