The American crypto exchange Gemini, founded by brothers Cameron and Tyler Winklevoss, sold its operations in the United Kingdom and the European Union to the Singaporean payment company KAST for less than $10 million. This was reported by CoinDesk, citing a knowledgeable source.

The agreement became the latest stage of Gemini's restructuring, which is scaling back its international presence and focusing on improving profitability.

Representatives of Gemini declined to comment on the transaction. KAST also did not disclose details, however, a company spokesperson confirmed interest in acquiring other businesses:

"We are actively looking for M&A opportunities as our revenues and market presence grow."

The preparation of the deal was evidenced by a KAST job vacancy published about a month ago. The company was looking for a general manager for the European direction who would have to manage the transition of Gemini employees in the UK and the EU.

Gemini exits international markets amid restructuring

The sale of assets continues the cost-cutting strategy that Gemini announced earlier in 2026. In February, the exchange reported plans to cease operations in the UK, EU, and Australia, cutting about 25% of its global staff. The company decided to retain its business in the US and Singapore.

In March, Gemini also reported a reduction of approximately 30% of its staff since the beginning of the year. As of March 1, the company had about 445 employees remaining. In the report, the exchange explained the decision by a transition to a more compact operating structure, exit from several international markets, and the closure of the NFT platform Nifty Gateway.

Despite the cuts, Gemini continued to develop new areas. Based on the results of Q1 2026, the company's total revenue grew by 42% — to $50.3 million. At the same time, the exchange reported that its prediction markets platform Gemini Predictions had processed more than 100 million contracts since its launch in December 2025.

In addition, Gemini expanded AI tools for traders: in particular, it launched Command Center with the integration of Grok models from SpaceXAI for analyzing prediction markets.

KAST expands business through acquisition

KAST specializes in payment infrastructure with stablecoins. The company offers accounts, cross-border transfers, and payment cards, with the help of which individuals and businesses can store, transfer, and spend digital assets.

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It was founded by former Circle executive Raagulan Pathy. In March 2026, KAST raised $80 million in a Series A round co-led by QED Investors and Left Lane Capital. Part of the funds was planned to be directed toward licensing and regulatory compliance.

Previously, potential buyers considered Gemini's European and British businesses primarily because of its regulatory licenses, rather than as an opportunity to acquire the entire public company.

The deal takes place against the backdrop of changing activity in the cryptocurrency mergers and acquisitions market. According to the consulting firm Architect Partners, in Q3 2026 the total value of 67 announced M&A deals in the crypto sector was $2.2 billion — 83% less than in the previous quarter.

At the same time, acquiring companies for the sake of licenses, distribution, and ready-made product solutions remain one of the ways to expand business.

Against the backdrop of Gemini's restructuring, it also received financial support from its founders: in May, Winklevoss Capital Fund invested $100 million in the company, purchasing Class A shares at $14 each and paying in bitcoin.

In August, the exchange signed a letter of intent with Apex Fintech Solutions regarding the distribution of regulated cryptocurrency prediction markets to brokerage firms. Under the proposed model, Gemini Titan is to become the exclusive regulated platform for cryptocurrency event contracts that will be offered through Apex's futures intermediary.