U.S. crypto exchange Gemini, founded by Cameron and Tyler Winklevoss, sold its operations in the UK and European Union to Singapore-based payments company KAST for less than $10 million, CoinDesk reported on Nov. 12, citing a source familiar with the matter. The sale advances Gemini’s restructuring as the exchange reduces its international footprint and focuses on improving profitability.

Gemini representatives declined to comment on the transaction. KAST did not disclose details of the deal, but a spokesperson confirmed that the company was interested in acquiring other businesses:

“We are actively in the market for M&A, as our revenue and footprint grows.”

Signs that KAST was preparing for the transaction appeared in a job posting published about a month earlier. The company sought a general manager for its European division who would oversee the transition of Gemini employees in the UK and EU.

Gemini reduces its international operations

The asset sale continues a cost-cutting strategy that Gemini announced earlier in 2026. In February, the exchange said it planned to cease operations in the UK, EU and Australia and cut about 25% of its global workforce. It decided to retain its businesses in the United States and Singapore.

In March, Gemini reported that it had cut roughly 30% of its staff since the beginning of the year. The company had about 445 employees remaining as of March 1. Gemini attributed the reduction to its move to a leaner operating structure, withdrawal from several international markets and closure of the Nifty Gateway NFT platform.

Gemini continued to develop other business lines during the restructuring. Its total revenue rose 42% to $50.3 million in the first quarter of 2026. Around the same time, the exchange said its Gemini Predictions platform had processed more than 100 million contracts since its December 2025 launch.

The company also expanded its artificial-intelligence tools for traders, including the launch of Command Center with SpaceXAI’s Grok models to analyze prediction markets.

Gemini received financial support from its founders during the restructuring. In May, Winklevoss Capital Fund invested $100 million in the company by purchasing Class A shares for $14 each and paying in bitcoin.

In August, Gemini signed a letter of intent with Apex Fintech Solutions to distribute regulated crypto prediction markets to brokerage firms. Under the proposed model, Gemini Titan is expected to become the exclusive regulated platform for crypto event contracts offered through Apex’s futures intermediary.

KAST pursues expansion through acquisitions

KAST specializes in stablecoin-based payments infrastructure. It provides accounts, cross-border transfers and payment cards that allow individuals and businesses to store, transfer and spend digital assets.

Former Circle executive Raagulan Pati founded KAST. In March 2026, the company raised $80 million in a Series A round co-led by QED Investors and Left Lane Capital. KAST planned to allocate part of the proceeds to licensing and regulatory compliance.

Potential buyers had previously considered Gemini’s European and UK businesses primarily for their regulatory approvals rather than as an opportunity to acquire the entire public company.

The transaction comes as activity shifts in the crypto mergers-and-acquisitions market. According to data from consulting firm Architect Partners, the combined value of 67 announced crypto M&A deals was $2.2 billion in the third quarter of 2026, down 83% from the previous quarter.

Acquiring companies for their licenses, distribution networks and ready-made products remains one way for businesses to expand.

Source: Incrypted