Gemini reportedly sells UK, European operations to KAST for under $10 million

Gemini’s European exit marks a major restructuring move

The sale represents another stage in Gemini’s strategy to reduce its international operations and improve its financial position.

In February 2026, the exchange announced plans to withdraw from the United Kingdom, European Union and Australia as part of a broader cost-cutting initiative. The restructuring also included reducing its global workforce by approximately 25%, affecting as many as 200 employees.

Gemini said the decision was driven by rising operational costs, limited market demand and the challenges of maintaining its presence across multiple international jurisdictions.

In comments reported by The Block, Gemini founders Cameron and Tyler Winklevoss explained the reasoning behind the withdrawal, stating: “These foreign markets have proven hard to win in for various reasons, and we find ourselves stretched thin.”

The founders indicated that maintaining operations in those regions was becoming increasingly difficult to justify as the company reassessed its priorities.

Under the restructuring strategy, Gemini planned to concentrate its business activities in the United States and Singapore while gradually shutting down its services in the affected international markets.

The latest transaction therefore provides a route for the company to dispose of its European business rather than continue maintaining operations in markets it had already decided to leave.

KAST strengthens its stablecoin payment expansion strategy

For KAST, the reported acquisition could provide an important opportunity to accelerate its international expansion.

Founded by former Circle executive Raagulan Pathy, KAST operates a financial platform built around stablecoins. Its services include dollar-denominated accounts, international transfers and payment cards that allow customers to hold, transfer and spend stablecoins.

The company’s business model focuses on making digital dollar payments more accessible to individuals and businesses that need to move money across borders.

The reported transaction also comes several months after KAST secured $80 million in a Series A funding round announced on March 9, 2026. The investment was co-led by QED Investors and Left Lane Capital, with participation from existing investors, including Peak XV Partners, HSG and DST Global Partners.

According to KAST’s funding announcement, the company intended to use the capital to support international expansion, strengthen regulatory licensing and compliance, develop its products and increase its workforce.

Founder and CEO Raagulan Pathy described the company’s ambitions during the funding announcement, saying its goal was to build the future of finance using stablecoins and create financial services for consumers and businesses.

The investment provides additional financial backing as KAST stablecoin payments move beyond cryptocurrency-focused transactions towards broader financial applications.

The Gemini acquisition could complement that strategy by giving KAST an opportunity to establish a stronger operational presence in European markets.

Regulatory access could be a key attraction for KAST

Beyond acquiring an established business, access to regulatory permissions could be one of the most important considerations behind the transaction.

CoinDesk previously reported that potential buyers had examined Gemini’s UK and European operations because of their regulatory permissions rather than an interest in acquiring the entire publicly traded company.

This distinction is important because regulatory authorisations can be valuable to financial technology companies seeking to enter new markets.

However, acquiring a business does not automatically guarantee that its regulatory permissions can be transferred without further review. Changes in ownership and control may require approval from the relevant authorities, depending on the jurisdiction and applicable regulatory framework.

For KAST, the opportunity to build on an existing European operational structure could support its efforts to expand its financial services internationally.

The company’s March funding announcement specifically identified licensing and compliance as important areas for investment.

The reported acquisition could therefore align with its broader objective of developing regulated financial infrastructure capable of supporting stablecoin-based transactions across different regions.

Gemini and KAST signal changing priorities in crypto business

The transaction also highlights how cryptocurrency companies are adjusting their business strategies as the industry matures.

While exchanges such as Gemini are reassessing the cost of maintaining operations across multiple jurisdictions, financial technology companies are increasingly exploring stablecoins as a foundation for payments, international transfers and everyday financial services.

For Gemini, selling its UK and European operations represents a continuation of its decision to prioritise its core markets and reduce operating expenses.

For KAST, the reported deal offers a potential opportunity to expand its geographic footprint and strengthen its position in the stablecoin financial services market.

A KAST spokesperson did not directly confirm the transaction to CoinDesk but indicated that the company was pursuing acquisitions as its business expanded.

“We are actively in the market for M&A, as our revenue and footprint grows,” the spokesperson said.

Although neither company provided further details about the reported transaction, the development places KAST stablecoin payments within a broader conversation about the growing importance of stablecoin infrastructure in global finance.

Ultimately, the acquisition could represent a strategic shift in which established cryptocurrency operations become valuable building blocks for companies focused on payment services and digital financial products. As KAST stablecoin payments continue to expand, the company’s reported purchase of Gemini’s European business could become an important part of its international growth strategy.