Stablecoin payments company KAST is acquiring the former UK and European operations of crypto exchange Gemini in a transaction reportedly valued at less than $10 million, several months after the Winklevoss-founded exchange withdrew from both markets.

Details of the transaction emerge through KAST's European recruitment plans, which explicitly reference the integration of Gemini's acquired UK and EU entities and the transfer of regional employees.

Neither company has publicly confirmed the purchase price or disclosed the full terms of the transaction. Nasdaq-listed Gemini has not reported the disposal in its financial disclosures, while KAST has yet to identify which regulatory permissions and legal entities are included.

The Singapore-based buyer plans to use the acquired operations to expand its European stablecoin payments business, potentially gaining existing regulatory infrastructure and local personnel rather than building a presence from scratch or applying for fresh authorizations.

KAST Targets Gemini's European Regulatory Infrastructure

KAST is recruiting a European general manager, based in Dublin, Ireland, at an annual salary of €180,000 to €250,000, to oversee the integration of Gemini's regional businesses. The role spans regulatory approvals, commercial partnerships and the transition of employees, and includes coordinating change-of-control and reauthorization procedures, aligning KAST's products with the acquired licenses and expanding payment operations across Europe.

Gemini invested heavily in European regulatory approvals before its withdrawal, securing a MiFID II investment firm license in Malta in May 2025 under the EU framework that governs investment services, and adding a MiCA crypto-asset service provider license three months later. MiCA, the EU's Markets in Crypto-Assets Regulation, took full effect at the end of 2024, setting a single rulebook for crypto-asset services and stablecoins and allowing firms authorized in one member state to operate across the bloc.

Its British units also carried permissions of their own: Gemini Payments UK operated as an authorized electronic money institution, and Gemini Intergalactic UK was registered as a cryptoasset business. The Financial Conduct Authority confirmed it would continue supervising both entities until their respective permissions and registrations were canceled.

Whether KAST will retain those specific authorizations remains unclear. The proposed change of ownership is subject to applicable regulatory procedures, and existing licenses cannot be treated as automatically transferable.

KAST was founded by Raagulan Pathy, a former Circle executive, and offers stablecoin accounts, international payments and spending cards. The company raised $80 million in March through a funding round co-led by QED Investors and Left Lane Capital, with licensing and compliance among its stated investment priorities, according to an official announcement.

Gemini Continues Restructuring After International Exit

Gemini announced plans in February to exit the UK, the European Union and Australia, alongside a 25% workforce reduction aimed at lowering operating costs and concentrating resources on its US business. Customer accounts across the affected markets were scheduled to close on April 6, following a withdrawal-only period that began in March.

The move reversed an international expansion strategy that had emphasized European licenses, institutional services and derivatives trading. Gemini's latest financial results indicate the cost-cutting program remains underway: third-quarter revenue came in at $40.9 million, down 19% year over year, while operating expenses fell 30% to $119.9 million.

The company reported a quarterly net loss of $58.6 million, compared with $159.5 million a year earlier. Exchange revenue declined 47% as spot trading volumes fell sharply. Gemini is increasingly concentrating product development on US-based trading, prediction markets and regulated financial infrastructure.

KAST, meanwhile, plans to introduce KAST Business and KAST Private through the acquired entities. Its recruitment brief assigns the incoming regional manager responsibility for completing change-of-control procedures, obtaining the necessary reauthorizations and establishing the payment partnerships required for the planned launches. Which of Gemini's former permissions ultimately carry over — and when KAST's European launches can proceed — will become clear through regulatory decisions and disclosures from the two companies.