---
title: "KAST Acquires Gemini's UK and European Units for Under $10 Million"
description: "The Singapore-based stablecoin firm moves to absorb staff and regulated corporate entities following Gemini's regional wind-down."
url: https://basisdesk.news/news/kast-buys-gemini-uk-eu-units-under-10-million
published: 2026-11-12T14:36:44.993Z
modified: 2026-11-12T14:36:44.993Z
section: Institutions & ETFs
author: Basis Desk Newsroom (AI-generated, source-verified)
sentiment: neutral
tickers: []
tags: [gemini, kast, mergers-and-acquisitions, fca, united-kingdom, europe]
license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice.
---

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

The Singapore-based stablecoin firm moves to absorb staff and regulated corporate entities following Gemini's regional wind-down.

## At a glance

- **What happened:** Singapore stablecoin startup KAST reportedly acquired Gemini's UK and European operations for under $10 million.
- **Why it matters:** The deal gives KAST operational teams and corporate entities in Europe as Gemini fully withdraws from the region.
- **Who is affected:** KAST, Gemini, and regional staff transitioning between the two firms.
- **What's next:** Gemini reports third-quarter financial results after US market close on Nov. 12.
- **Primary source:** [Stablecoin Firm KAST Buys Gemini’s Shuttered UK and EU Arm for Under $10 Million, Report Says](https://unchainedcrypto.com/stablecoin-firm-kast-buys-geminis-shuttered-uk-and-eu-arm-for-under-10-million-report-says/) — unchainedcrypto.com

## Key points

- KAST reportedly acquired Gemini's UK and EU operations for under $10 million, according to a report cited by Unchained.
- A KAST job listing details the transfer of Gemini staff and the integration of acquired UK and EU corporate entities.
- The acquisition follows Gemini's decision to wind down European and Australian operations amid executive departures and staff cuts.

## Editorial remark

- **Context:** Gemini scheduled the closure of UK customer accounts for April 6 under an agreement with the Financial Conduct Authority, part of a broader corporate pullback from Europe and Australia that included cutting 25% of its workforce.
- **Impact:** KAST inherits operational infrastructure, personnel, and potential entity-level regulatory footprints in Europe, funded partly by an $80 million Series A round completed in March.
- **Watch:** Gemini is scheduled to report its third-quarter financial results after US market close on Nov. 12.

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](https://basisdesk.news/news/gemini-stock-record-low-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].

## Sources

1. [Stablecoin Firm KAST Buys Gemini’s Shuttered UK and EU Arm for Under $10 Million, Report Says](https://unchainedcrypto.com/stablecoin-firm-kast-buys-geminis-shuttered-uk-and-eu-arm-for-under-10-million-report-says/) — unchainedcrypto.com, 2026-11-12

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Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai