Gemini Sells UK and EU Operations to KAST for Under $10M

CoinDesk reported on Nov. 12 that Gemini Space Station, the company behind the exchange founded by Cameron and Tyler Winklevoss, had completed the sale. Gemini declined to comment. KAST did not discuss the transaction, but a spokesperson told the outlet the company was “actively in the market for M&A, as our revenue and footprint grows.”

A KAST recruitment listing posted about a month before the report sought a European general manager to oversee the transition of Gemini’s UK and EU staff, according to CoinDesk’s reporting.

Gemini announced in February that it would cut up to 25% of its workforce and leave the UK, EU and Australia, while continuing to operate in the United States and Singapore. Its customer notice set April 6, 2026, as the account-closure date for customers in those markets. UK and EU accounts were due to become withdrawal-only on March 5; the same restriction was scheduled for Australian crypto withdrawals from March 1. Customers were instructed to withdraw crypto and fiat before closure. Gemini offered an eToro transfer option, while allowing customers to choose another platform, and advised those with staked assets to start unstaking early. It warned that approved withdrawal addresses could take up to seven days to process for users with certain address-protection features enabled.

KAST raised $80 million in a Series A round announced March 9, co-led by QED Investors and Left Lane Capital. The company, founded in July 2024 by former Circle executive Raagulan Pathy, provides dollar-denominated accounts and stablecoin payment services. At the time of the funding announcement, KAST said it had more than one million users and nearly $5 billion in annualized transaction volume. In September, it introduced business accounts combining accounts, cards, stablecoin deposits and local-currency payouts, saying the service supported transfers in more than 20 currencies and businesses in over 170 countries.

Gemini has also pursued US products. In May, it disclosed a $100 million investment from Winklevoss Capital Fund, paid in bitcoin at $14 per Class A share. First-quarter revenue was $50.3 million, up 42% year over year, while operating expenses rose 73% to $144.5 million. Its prediction-market business generated $400,000 in its first full quarter after launching in December 2025. In August, Gemini signed a letter of intent with Apex Fintech Solutions on distributing prediction markets, subject to final terms.