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Crypto Exchange Gemini Sells U.K. and EU Units to KAST for Under $10 Million

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Crypto Exchange Gemini Sells U.K. and EU Units to KAST for Under $10 Million

Bitcoin Magazine

Crypto Exchange Gemini Sells U.K. and EU Units to KAST for Under $10 Million

Gemini Space Station has sold its already shuttered U.K. and European operations to Singapore stablecoin payments firm KAST for less than $10 million, according to CoinDesk reporting, as the exchange prepares to report third-quarter results after Thursday’s close.

Gemini declined to comment. A spokesperson for KAST would not discuss the transaction, but said the company is actively looking at acquisitions as its revenue and footprint grow. Neither firm has issued a public confirmation of a sale, and no regulator has announced a change-of-control approval.

The disposal, if confirmed, would close a retreat Gemini laid out in February. On Feb. 4, the Nasdaq-listed company, known as Gemini (GEMI), approved a plan to exit and wind down its operations in the United Kingdom, the European Union and other European jurisdictions, and Australia, as part of a broader effort to cut expenses and support a path to profitability. It said it would keep operating in the United States and Singapore.

The plan included a reduction in force of up to 200 employees in Europe, the United States and Singapore, or about 25% of Gemini’s global workforce as of that date. The company estimated about $11 million in pre-tax restructuring charges, mostly in cash, and said it expected the wind-down to be substantially completed in the first half of 2026. Reuters reported the job cuts the same day.

Co-founders Cameron and Tyler Winklevoss, who started Gemini in 2014 as a bitcoin exchange, told customers the firm would “double down on America” after foreign markets proved hard to win and stretched the company’s cost base.


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