Gemini has reportedly sold its UK and European operations to Singapore-based stablecoin payments company KAST for less than USD 10 million.

According to a person familiar with the matter, US-based Gemini Space Station, which operates the crypto exchange founded by Cameron and Tyler Winklevoss, agreed a price below USD 10 million. The deal had reportedly been referenced in a KAST job listing in October 2026, which said a prospective European general manager would oversee the transition of Gemini’s UK and EU staff. Gemini declined to comment.

Gemini’s retreat from international markets

A KAST spokesperson declined to discuss the deal, but said the company is actively looking for acquisitions as its revenue and footprint grow. The sale follows Gemini’s decision in February 2026 to wind down operations in the UK, the EU, and Australia and cut about 25% of its global workforce, while keeping its US and Singapore businesses, as part of a restructuring aimed at reducing costs and reaching profitability.

Potential buyers had reportedly been examining Gemini’s closed UK and European businesses to obtain their regulatory permissions, rather than seeking to take over the whole Nasdaq-listed company. In May 2026, Gemini received a USD 100 million capital injection from Winklevoss Capital Fund, which bought Class A shares at USD 14 each and paid in Bitcoin, as the company sought to expand beyond crypto trading.

KAST’s expansion through acquisitions

Singapore-based KAST provides accounts, cross-border transfers, and payment cards that let consumers and businesses hold, move, and spend stablecoins. Founded by former Circle executive Raagulan Pathy, the company raised USD 80 million in a Series A round in March 2026, co-led by QED Investors and Left Lane Capital, with licensing and compliance among the planned uses of the funds.

The deal comes as crypto acquisitions shift towards smaller transactions that add licences, distribution, and products. According to Architect Partners, crypto M&A totalled USD 2.2 billion across 67 announced deals in the third quarter of 2026, down 83% by value from the previous quarter. Gemini has also signed a letter of intent with Apex Fintech Solutions to distribute its regulated crypto prediction markets to brokerages.