Singapore-based stablecoin firm KAST has acquired Gemini’s United Kingdom and European operations for less than $10 million, according to a CoinDesk report citing one person familiar with the matter. The deal remains unannounced by either party, yet KAST job listings already describe moving Gemini’s staff and integrating the acquired entities. A KAST spokesperson told Unchained: "We are actively in the market for M&A, as our revenue and footprint grows. But we cannot comment at this time." This purchase completes Gemini’s exit from Europe, a retreat that began early this year when the exchange restated plans "to wind down operations in the United Kingdom, European Union, other European jurisdictions, and Australia." That withdrawal included cutting about a quarter of its workforce and forcing out its operating, finance, and legal chiefs.
The Regulatory Handover
KAST appears to be paying primarily for regulated entities and a working team, given that Gemini was due to close all UK customer accounts in April. Britain’s Financial Conduct Authority said in February that both Gemini UK units would close accounts on April 6, though whether those permissions survive a change of owner has not been disclosed. A recruitment listing for a General Manager, Europe asks the new hire to oversee "the transition of Gemini’s UK and EU team members to KAST" and ensure products fit under new licences. The role also involves overseeing partners handling a two-phase move from operational accounts to client-money accounts, which hold customer funds separately. KAST raised an $80 million Series A in March led by QED Investors and Left Lane Capital, valuing the company at $600 million. Founder Raagulan Pathy previously worked at Circle, and some of that funding was set aside specifically for licences and compliance. Europe was not among the regions KAST named for expansion at the time of the raise.
Gemini’s financial health clearly deteriorated during this period, with its stock price falling almost 93% since its 2025 IPO to just $2.72. An April 10-K filing revealed a multi-million-dollar loan loop between the exchange and founders Cameron and Tyler Winklevoss. The twins later invested $100 million via their investment firm and spent $5 million to help Republicans in US midterm elections. None of the 8-K reports Gemini filed with the SEC mentioned a sale as of Thursday morning. The reported sale stands as a stark contrast to the initial optimism surrounding the exchange’s global expansion efforts.
