Gemini has sold its already shuttered U.K. and European operations to Singapore-based stablecoin payments firm KAST for less than $10 million, according to CoinDesk reporting. Neither Gemini nor KAST has publicly confirmed the transaction, and no regulator has announced approval of the change in control.
The sale, if confirmed, would complete a retreat Gemini announced in February 2025. The Nasdaq-listed exchange approved a plan to exit and wind down operations in the United Kingdom, the European Union, other European jurisdictions, and Australia as part of a cost-reduction effort aimed at achieving profitability. The company retained operations in the United States and Singapore.
That February announcement included workforce reductions of up to 200 employees—approximately 25% of Gemini's global workforce at the time—and estimated pre-tax restructuring charges of about $11 million, mostly in cash. Gemini said it expected the wind-down to be substantially completed in the first half of 2026. Customer accounts in affected regions were scheduled to close on April 6, 2025.
Co-founders Cameron and Tyler Winklevoss stated the company would double down on America after finding foreign markets difficult to penetrate and costly to operate in. What changes hands in a sale of wound-down units are the remaining entities, staff, and regulatory permissions—not Gemini's core U.S. exchange. Regulatory approval from local authorities is typically required before a new owner can operate licensed crypto businesses in the U.K. or EU.
About KAST
KAST is a Singapore-based financial platform built on stablecoin rails, providing dollar-denominated accounts, cross-border payments, and cards for holding and spending stablecoins. Founded in July 2024 by former Circle executive Raagulan Pathy, the company raised $80 million in a Series A funding round in March 2025, co-led by QED Investors and Left Lane Capital. At that time, KAST reported more than one million users and nearly $5 billion in annualized transaction volume, though these figures have not been independently verified.
A KAST spokesperson said the company is actively pursuing acquisitions as its revenue and footprint expand but would not discuss the Gemini transaction.
Gemini is scheduled to report third-quarter results after market close on November 12, 2025, with a conference call at 8:30 a.m. ET the following day. Investors will examine whether the February restructuring has reduced costs and moved the company toward profitability.
