Crypto exchange Gemini sells UK and European business to KAST for under $10 million
CoinDesk reported on November 12, 2026, that, according to a person familiar with the matter, Gemini Space Station has sold its UK and European business to stablecoin payments company KAST for under $10 million. The person requested anonymity because the deal has not yet been made public.
Gemini declined to comment. A KAST spokesperson did not directly discuss the deal, but said the company is actively seeking acquisition opportunities as its revenue and business coverage expand. About a month ago, a KAST job posting mentioned that the future general manager for Europe would be responsible for overseeing the transition of Gemini’s UK and EU employees.
Gemini announced in February 2026 that it planned to gradually shut down its UK, EU and Australia businesses and cut about 25% of its global workforce, while retaining its US and Singapore businesses. This sale is a follow-up disposal after that round of international market contraction.
Original source:
Title: Gemini sells UK and European operations to stablecoin payments firm KAST for under $10 million
Publisher: CoinDesk
Publication date: 2026-11-12
URL: coindesk.com/business/2026/11/12/gemini-sells-uk-and-european-operations-to-stablecoin-payments-firm-kast-for-under-usd10-million
Nature of source: media report (citing anonymous informed sources)
Verification status: This reading reviewed the full report, verification date 2026-11-12, with no access restrictions; the transaction details were not publicly confirmed by either company
Supporting content: Supports the sale, price range and job-posting clue described by the informed source. Does not prove that the deal has closed, that regulatory approval has been obtained, or the exact price.
ABAB AI Insight
After scaling back its international business, a crypto exchange selling a dormant regional entity to another licensed or payments company is a common form of asset disposal. Gemini publicly announced in February that it was exiting the UK, EU and Australia, while keeping the US and Singapore. The buyer, KAST, is a stablecoin payments company, and its hiring information provided an indirect clue in advance that employee transition planning was underway.
The deal price of under $10 million came from a single anonymous informed source. Neither company publicly confirmed the details. Such low-value transactions often reflect the buyer’s main interest in regulatory licenses, legal entities or remaining infrastructure rather than large active user bases or ongoing revenue. The actual value depends on the specific licensing status of the transferred entity and the regulatory review requirements for a change in control.
Gemini had previously put related regional accounts into withdrawal mode and stopped new account openings. After the sale is completed, arrangements for customer asset migration would still require coordination between the parties and regulators. The materials currently confirm only the informed source’s account cited by the media and the company’s refusal to comment, and do not provide a closing date, asset scope or regulatory approval progress.
This report is exclusive news and relies on a single anonymous source. If either party later issues an official announcement or regulatory filing, the transaction status can be further verified. At this stage, the event remains at the level of “sold according to an informed source” rather than “both parties have confirmed completion.”
ABAB News · Laws of Cognition
A transaction price provided by an anonymous informed source, when both companies decline to comment, is only information pending confirmation.
When a regional business is sold at a low price, the buyer’s aim is often regulatory licenses rather than operating revenue.
Employee transition arrangements in a job posting can serve as an indirect clue to a transaction, but they do not mean closing has been completed.