KAST Acquires Gemini's UK and European Units for Under $10 Million

Singapore-based stablecoin payments company KAST has acquired the United Kingdom and European operations of cryptocurrency exchange Gemini for under $10 million, according to a report cited by Unchained ¹. The transaction, which has not been officially announced by either company, was disclosed by a person familiar with the details ¹.

Supporting evidence for the takeover emerged in a KAST job listing for a European general manager ¹. The listing states that the executive will manage the transfer of Gemini's British and EU personnel to KAST, supervise the integration of the purchased regional entities, and align KAST's payment offerings under the newly acquired regulatory authorizations ¹. The posting also outlines a two-stage migration from operational accounts to segregated client-money repositories ¹. A spokesperson for KAST declined to comment specifically on the transaction, noting only that the firm is "actively in the market for M&A" ¹. Gemini did not comment on the report, and the Nasdaq-listed exchange has not disclosed the transaction in any regulatory filings with the US Securities and Exchange Commission as of Nov. 12 ¹.

Gemini Completes European Wind-Down

The reported transaction finalizes an operational retreat that Gemini signaled earlier in the year ¹. In its second-quarter earnings disclosure, the exchange confirmed plans to dismantle services across the UK, the European Union, Australia, and broader European jurisdictions ¹. The contraction coincided with a 25% reduction in workforce and the departure of the company's chief operating officer, chief financial officer, and chief legal officer ¹. The move follows substantial market pressure on the exchange, whose public equity suffered severe declines following its market debut, as covered in Gemini Shares Slump to Record Low of $3.22, Marking 89% Drop Post-IPO.

For KAST, which closed an $80 million Series A funding round in March led by QED Investors and Left Lane Capital, the purchase provides access to established corporate vehicles and specialized staff ¹. The firm, led by former Circle executive Raagulan Pathy, had earmarked a portion of its funding round for regulatory licensing and compliance ¹. Britain's Financial Conduct Authority stated in February that Gemini's two local entities were scheduled to close customer accounts on April 6, adding that the regulator would work with the units until their registrations and permissions were formally cancelled ¹. Whether those regulatory permissions will transfer under KAST's ownership remains undisclosed ¹.