The Gemini cryptocurrency exchange, founded by the Winklevoss twins, has attracted interest from potential buyers for segments of its discontinued operations in Europe and the United Kingdom. Rather than being aimed at a full takeover, discussions focus on acquiring specific regional businesses that Gemini recently shut down. Parties involved in the talks are particularly interested in leveraging the existing regulatory licenses associated with those operations.
Recent structural changes at Gemini
Back in February, Gemini announced a 25% reduction in its global workforce and withdrew its services from the UK, European Union, and Australia—leaving only its US and Singapore markets active. Headquartered in the United States, Gemini has expanded its offerings beyond exchange services to include institutional custody, staking, yield-generating products, and payment infrastructure. The platform has also rolled out a rewards credit card, enabling users to earn digital assets through everyday spending, and offers brokerage and clearing services to differentiate itself within the crypto sector.
In Europe, Gemini had maintained operations under both various national registries and the EU-wide Markets in Crypto-Assets (MiCA) license. In the UK, it was registered as an electronic money institution with the Financial Conduct Authority (FCA), allowing it to provide regulated payment services. The company also made it onto the FCA’s list of approved crypto asset service providers.
Impact of regulatory frameworks on acquisition negotiations
Securing licenses to operate crypto businesses in Europe and the UK is a timely and complex process that frequently extends over several years. As a result, groups evaluating the purchase of Gemini’s shuttered branches are highlighting the strategic advantages these existing licenses offer. However, under the MiCA regulatory regime, a license cannot be simply passed on to a new owner. Any acquisition is categorized as a “change of control,” requiring regulatory authorities to review and reassess permissions rather than allowing for a straightforward transfer.
Prospective buyers must inform the relevant country’s supervisory agencies and, in most cases, obtain an official document confirming there is no objection to the transfer prior to finalizing the deal. This means that new owners are subject to the same scrutiny as any applicant seeking initial entry into the market.
A similar approach is enforced in the United Kingdom. FCA rules state that licenses for crypto firms cannot be directly transferred. These transactions are treated as changes in control, activating approval procedures overseen by the regulator.
Since its initial public offering in September 2025, Gemini’s shares have experienced notable volatility. On IPO day, shares opened at $28, climbed above $37 during the first session, and closed near $32. While strong investor enthusiasm led to initial gains exceeding 30%, subsequent months saw a sharp decline in value. As of now, Gemini’s stock trades around $4.36, reflecting a drop of more than 80% from its IPO price—fueling market concerns over the company’s outlook.
Recently, Gemini disclosed the departures of three executives: Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and Chief Legal Officer Tyler Meade. The official statement clarified that Beard stepped down from his board position as well, adding that the exit did not stem from any dispute over company policies.
These senior departures came shortly after Gemini announced its decision to suspend exchange activities in the UK, European Union, and Australia.
