Gemini will sell UK and European business to stablecoin paym
On November 12, PANews, citing a Coindesk report, and Odaily Planet Daily in a same-day report said that Gemini has sold its UK and Europe business to Singapore-based stablecoin payments company KAST for less than $10 million. The sale is part of Gemini's exit from the UK, EU and Australian markets and its restructuring; Gemini declined to comment, and KAST did not directly respond to the transaction.
Event Timeline
- [11-12 09:15] Gemini has sold its UK and Europe business to stablecoin payments company KAST for less than $10 million (PANews)
- [11-12 09:16] Gemini sold its UK and Europe business to KAST for less than $10 million (Odaily Planet Daily)
Background and Impact
On November 12, PANews, citing a Coindesk report, said people familiar with the matter revealed that crypto exchange Gemini, founded by the Winklevoss brothers, has sold its UK and Europe business to Singapore-based stablecoin payments company KAST for less than $10 million. Odaily Planet Daily's same-day report added that the transaction was completed by Gemini Space Station (GEMI), the holding company founded by the Winklevoss brothers. According to the reports, about a month ago a KAST job posting had already mentioned the deal and required the new general manager for Europe to oversee the business handover for Gemini's UK and EU employees. Gemini declined to comment on the transaction; a KAST spokesperson did not directly respond but said the company is actively seeking M&A opportunities as revenue and business coverage expand.
The sale is a continuation of Gemini's pullback from international markets and restructuring of its business to cut costs and achieve profitability. The two sources differ slightly in their timing: PANews said Gemini announced its exit from the UK, EU and Australian markets "earlier this year," while Odaily pointed specifically to "February this year." What the two sources agree on is that Gemini plans to gradually wind down operations in the three markets, cut about 25% of its global staff, and retain the US and Singapore markets.
The buyer, KAST, was founded by former Circle executives and offers stablecoin accounts, cross-border transfers and payment cards; it just completed an $80 million Series A round in March this year. Based on disclosed information, the target of this transaction is the UK and Europe business of an exchange, and the buyer is a company in the stablecoin payments sector; its statement that it is "actively seeking M&A opportunities" is consistent with the direction of this takeover move. However, the materials do not state whether the transaction includes licenses, client assets or the full migration of teams. The transaction price is less than $10 million, and neither source disclosed the basis for the pricing or the completion timing.
As far as the currently public content goes, the scope of this transaction is limited to Gemini's UK and Europe business. The materials do not say whether other platforms are affected; for example, the services corresponding to entry points commonly used by users such as the registration and APP download pages for 芝麻Gate.io, Bitget, Binance, OKX and Huobi HTX are not mentioned in this report as undergoing any changes.
Frequently Asked Questions
### Will this sale affect the accounts of Gemini's UK and Europe users?
The materials only mention that KAST's new general manager for Europe will oversee the business handover for Gemini's UK and EU employees, and do not cover specific arrangements for client assets, withdrawals or service interruptions; Gemini declined to comment on this, so there is no further explanation available for now.
### What is the background of the buyer KAST, and how much is the transaction worth?
KAST is a Singapore-based stablecoin payments company founded by former Circle executives, offering stablecoin accounts, cross-border transfers and payment cards, and it completed an $80 million Series A round in March this year. This transaction is worth less than $10 million and was completed by the holding company Gemini Space Station (GEMI).
### What other milestones are worth watching going forward?
Watch the progress of the business handover for Gemini's UK and EU employees, as well as the implementation of its restructuring to retain the US and Singapore markets and cut about 25% of its global staff. The materials did not disclose the timing of the transaction's completion or whether regulatory approval is involved.