Gemini has sold its UK operations and European businesses to stablecoin payments company KAST for less than $10 million, CoinDesk reported on November 12, citing a person familiar with the transaction. The disposal follows Gemini's previously announced withdrawal from those markets.
Gemini declined to comment, while a KAST spokesperson declined to discuss the transaction and said the company was pursuing acquisitions as its revenue and geographic presence grew. The reported price comes from CoinDesk's unnamed source, rather than a joint announcement.
The commercial logic follows from the companies' different priorities: Gemini had decided to leave these markets, while KAST's recruitment material describes plans to integrate the acquired entities and expand European payments activity.
A sale after the regional withdrawal
Gemini approved its exit plan on February 4, according to its subsequent SEC filing. The plan covered the United Kingdom, European Union and other European jurisdictions, alongside Australia. Gemini said its businesses in the United States and Singapore would continue operating.
The company framed the restructuring around lower operating expenses and a path to profitability. It expected to cut up to 200 employees, approximately 25% of its workforce at the time, and estimated approximately $11 million in restructuring charges. Those figures reflected its February expectations for the exit.
Against that background, the reported sale is another step in disposing of a regional business Gemini had already decided to wind down. It gives the seller a buyer for operations that no longer fit its geographic priorities.
The sub-$10 million consideration is the reported price for the regional transaction, rather than a valuation of Gemini's entire listed business.
KAST's hiring plans describe the integration work
A KAST recruitment listing for a European general manager supplies concrete detail about the intended use of the acquired operations. The role includes integrating UK and EU entities, maintaining continuity of staff and systems, and managing the transition of Gemini's regional employees to KAST.
The listing also assigns responsibility for change-of-control and reauthorisation processes, working with legal and regulatory advisers. Product ambitions include expanding fiat transfers and card spending, along with launching and scaling KAST Business and KAST Private in Europe.
These are recruitment objectives, not completed product launches or regulatory approvals.
The operational demands extend beyond bringing employees into a new organisation. The listing asks the incoming manager to make KAST products fit the relevant licences and oversee banking partnerships as the business moves toward client-money accounts.
That combination says more about the purchase's commercial logic than the headline price alone. KAST is describing a project involving regulated entities, experienced staff and payment operations. Buying those components can have commercial value even when the seller has stopped pursuing the original exchange business.
Execution will determine whether the acquired organisation supports KAST's intended products. The recruitment brief places responsibility for that work with the incoming European leader.
Former customers face a different timeline
Gemini's customer closure notice set April 6, 2026, as the effective date for closing accounts in the UK, European Economic Area and Australia. UK and EU accounts were scheduled to enter withdrawal-only mode on March 5.
The notice directed customers to withdraw assets before closure and described an eToro partnership for customers seeking another exchange, while leaving them free to choose another provider.
For former customers, the acquisition follows those earlier instructions to leave Gemini. KAST's recruitment brief addresses the integration of entities and employees; it gives former customers no instruction that their accounts have reopened under a new owner.
Gemini's notice also said customers would lose access to downloadable transaction histories after account closure. Account access and historical records therefore remain practical issues for anyone still resolving the earlier exit.
For KAST users, the relevant business ambition is expansion in stablecoin payments and spending. The listing gives that ambition substance through its references to fiat transfers, card activity and client-money arrangements. Eligibility for any future regional product remains a separate question for individual customers.
Overview
CoinDesk reports that KAST bought Gemini's UK and European operations for less than $10 million. Gemini's February filing explains the seller's decision to withdraw, while KAST's recruitment material describes the buyer's intended integration and payments expansion.
The transaction joins a regional disposal with a buyer seeking to build European operations. Making that transition work involves transferring staff, integrating systems and completing regulatory processes.
