Gemini has sold its UK and European operations to KAST for under $10 million, CoinDesk reports

Gemini, the US crypto exchange founded by Cameron and Tyler Winklevoss, has sold its United Kingdom and European operations to the stablecoin payments company KAST for less than $10 million, CoinDesk reported on Thursday, November 12, 2026, citing a person familiar with the matter. Neither company has confirmed the sale, and Trading Notified could not independently confirm the report.

What CoinDesk reported

The purchase price was below $10 million, the person told CoinDesk, speaking on condition of anonymity because the matter is private. The deal was referred to about a month ago in a KAST job listing for a European general manager, whose tasks included overseeing the transition of Gemini's UK and EU staff, according to the report.

KAST, according to CoinDesk, is based in Singapore and offers accounts, cross-border transfers and payment cards built on stablecoins. It raised $80 million in March in a funding round co-led by QED Investors and Left Lane Capital, CoinDesk reported.

The report rests on one unnamed source. No regulator has announced approving a change of ownership, according to Bitcoin Magazine, and Gemini's filings with the US Securities and Exchange Commission (SEC), including the third-quarter results it filed on November 12, do not mention a sale or KAST.

What Gemini had already announced

Gemini Space Station, the listed parent company, approved a plan on February 4, 2026, to "exit and wind down its operations in the United Kingdom, the European Union and other European jurisdictions, and Australia," according to a Form 8-K filed with the SEC. The plan included cutting up to 200 jobs, about 25% of its workforce, and the company said it would keep operating in the United States and Singapore.

Gemini estimated the restructuring charges at about $11 million and expected the wind-down to be substantially complete in the first half of 2026, the filing says. Gemini told customers in the UK, the EU and Australia that their accounts would close on April 6, Bitcoin Magazine reported, citing a Gemini support page that we could not open.

What Gemini's third-quarter results show

Gemini published its results for the quarter ended September 30 after the market closed on Thursday. The release does not mention KAST or a sale of the UK and European units. It refers to the February wind-down plan only to explain how the company calculates an adjusted earnings measure.

Total revenue was $40.9 million, down 19% from a year earlier, and the net loss narrowed to $58.6 million from $159.5 million, the company said. Trading volume on the platform fell to $4.5 billion from $16.4 billion a year earlier, while operating expenses fell 30% to $119.9 million. Gemini held $194.1 million of cash and cash equivalents on September 30.

The release's tables show $7.9 million of restructuring charges in the first quarter of 2026 and none in the second or third quarter.

Why it matters

A sale, if confirmed, would close Gemini's retreat from Europe. Binance has separately told French customers it is winding down its activities in France. For a buyer, what remains of a closed crypto business is mainly its licenses: authorization to serve customers in the UK or the EU can take a long time to obtain. That is our reading of why such units find buyers, and it matches what CoinDesk reported about earlier interest.

What it could mean for traders

In our assessment, the reported price, under $10 million, is of similar size to the roughly $11 million in restructuring charges Gemini estimated in February. The company has not said what a sale would mean for its results. Its third-quarter release did not address the report.