Crypto Exchange Gemini Sells U.K. and EU Units to KAST for Under $10 Million
Article syndicated from Bitcoin Magazine. · Original article ↗
Bitcoin Magazine
Crypto Exchange Gemini Sells U.K. and EU Units to KAST for Under $10 Million
Gemini Space Station has sold its already shuttered U.K. and European operations to Singapore stablecoin payments firm KAST for less than $10 million, according to CoinDesk reporting, as the exchange prepares to report third-quarter results after Thursday’s close.
Gemini declined to comment. A spokesperson for KAST would not discuss the transaction, but said the company is actively looking at acquisitions as its revenue and footprint grow. Neither firm has issued a public confirmation of a sale, and no regulator has announced a change-of-control approval.
The disposal, if confirmed, would close a retreat Gemini laid out in February. On Feb. 4, the Nasdaq-listed company, known as Gemini (GEMI), approved a plan to exit and wind down its operations in the United Kingdom, the European Union and other European jurisdictions, and Australia, as part of a broader effort to cut expenses and support a path to profitability. It said it would keep operating in the United States and Singapore.
The plan included a reduction in force of up to 200 employees in Europe, the United States and Singapore, or about 25% of Gemini’s global workforce as of that date. The company estimated about $11 million in pre-tax restructuring charges, mostly in cash, and said it expected the wind-down to be substantially completed in the first half of 2026. Reuters reported the job cuts the same day.
Co-founders Cameron and Tyler Winklevoss, who started Gemini in 2014 as a bitcoin exchange, told customers the firm would “double down on America” after foreign markets proved hard to win and stretched the company’s cost base. Gemini later told U.K., European Economic Area and Australian customers that their accounts would close on April 6, with withdrawals-only starting in early March.
What would change hands in a sale is the leftover entities, staff and regulatory permissions from those already wound-down units, not Gemini’s core U.S. exchange. Buyers of shuttered crypto businesses often want the licenses more than the remaining operations. Any transfer of a licensed firm in the U.K. or the EU typically still requires a change-of-control review by local regulators before a new owner can run it.
A payments firm with European ambitions
