KAST acquires Gemini’s UK and EU businesses for under $10 million

Singapore-based fintech company KAST has purchased the United Kingdom and European businesses of Gemini, the cryptocurrency exchange established by Cameron and Tyler Winklevoss. The transaction was reported to be valued at less than $10 million, according to a source familiar with the matter.

Acquisition details and background

Gemini has operated in the UK and Europe through regulated subsidiaries. With this acquisition, KAST aims to expand its presence and secure licensed entities in those regions. Gemini, which operates under its holding company Gemini Space Station (Nasdaq: GEMI), has been gradually scaling back its international operations since early in the year.

A spokesperson for KAST stated, “We are actively in the market for M&A, as our revenue and footprint grows. But we cannot comment at this time.” Despite requests for additional comment, Gemini did not immediately respond.

The job listing for General Manager, Europe, at KAST details responsibilities “to oversee the transition of Gemini’s UK and EU team members to KAST” and the “integration of the acquired UK and EU entities.”

Regulatory and operational context

Prior to the acquisition, the UK’s Financial Conduct Authority (FCA) had announced that Gemini’s two UK business units would close all customer accounts on April 6. The FCA indicated ongoing cooperation with the firms until the relevant permissions and registrations could be fully cancelled. It remains unclear whether these licenses will transfer intact following the change in ownership.

KAST’s recently posted hiring notice emphasizes the need for a candidate to ensure the company’s products comply with the newly acquired licenses. The role also requires overseeing the transfer of operational accounts to client-money accounts—structures that legally separate customer funds from company finances.

Mini dictionary: Financial Conduct Authority (FCA) – The FCA is a regulatory body overseeing financial services and markets in the United Kingdom, responsible for consumer protection, market integrity, and competition.

Gemini’s ongoing retreat from Europe

This deal effectively finalizes Gemini’s departure from the European market, following a strategic decision communicated in its second-quarter earnings release. The company had cited plans “to wind down operations in the United Kingdom, European Union, other European jurisdictions, and Australia.” Earlier this year, operational changes also included a staff reduction of about 25% and the exit of several top executives overseeing operations, finances, and legal matters.

Gemini’s upcoming quarterly results are expected after U.S. market close and, so far, none of its 8-K filings with the Securities and Exchange Commission (SEC) have referenced this transaction.

KAST’s expansion strategy

KAST provides stablecoin accounts and payment cards, targeting users who need digital asset services with regulatory compliance. In March, KAST secured $80 million in a Series A funding round led by QED Investors and Left Lane Capital, with a portion of these funds earmarked for regulatory licensing and compliance activities. KAST’s founder, Raagulan Pathy, previously held a senior role at Circle, a well-known US-based payments technology company. While expansion into Europe was not originally in KAST’s stated plans, the acquisition enables access to established regulatory platforms and an experienced workforce in these markets.

For KAST, the transaction appears to be focused on obtaining regulated entities and integrating operational teams, rather than acquiring Gemini’s client base, as Gemini was already in the process of closing UK accounts.