Gemini has sold its UK and European operations to KAST, a Singapore-based stablecoin payments company, for less than $10 million, according to CoinDesk. The report cited an anonymous source familiar with the matter; Gemini declined to comment, while a KAST spokesperson would not discuss the deal but confirmed the company is actively pursuing acquisitions as its revenue and footprint grow.
The first public sign of the transaction came about a month earlier, when a KAST recruitment listing sought a European general manager to oversee the transition of Gemini staff in the UK and EU. In February, Gemini announced it would wind down operations in the UK, the EU and Australia and cut around 25% of its global workforce, retaining only its US and Singapore businesses. That restructuring followed heavy losses: Gemini posted a $585 million annual loss and reduced its workforce by 30% six months after its IPO.
Potential buyers had been examining Gemini’s shuttered European businesses partly for their regulatory permissions. Gemini secured a MiCA licence from Malta’s financial regulator in 2025, one of the first five issued there, and previously held a Maltese MiFID II investment firm licence for derivatives. However, licences do not automatically transfer in an acquisition. Under MiCA, a change of control requires regulatory review, and the UK FCA registration process is similar. The EU transition period for national rules ended on July 1, 2026, meaning unauthorised providers must stop serving EU clients.
KAST provides accounts, cross-border transfers and payment cards for holding, moving and spending stablecoins. Founded by former Circle executive Raagulan Pathy, the company raised $80 million in a Series A in March, co-led by QED Investors and Left Lane Capital. The purchase fits a broader shift toward smaller crypto M&A deals aimed at acquiring licences and distribution. According to Architect Partners, crypto M&A reached $2.2 billion across 67 announced transactions in the third quarter, down 83% by value from the previous quarter.
Gemini reports third-quarter results after the US market close on Thursday and may disclose more details about the sale. Key unresolved questions include which UK and EU entities and authorisations KAST received, whether the FCA and Malta’s regulator will approve the change of control, and when KAST plans to launch in Europe.
