Gemini sells UK and European business to stablecoin payment company Kast

on November 12, according to CoinDesk, cryptocurrency exchange Gemini has sold its UK and European operations to stablecoin payments company Kast for less than $10 million.

In February this year, Gemini initiated a restructuring, cutting approximately 25% of its global workforce and exiting the UK, EU, and Australian markets, shifting its operational focus to the United States and Singapore. Since then, the company has been seeking buyers for these closed UK and European entities, with potential acquirers primarily interested not in the business itself, but in the associated MiCA license and UK FCA registration.

Kast is a stablecoin payments company that completed an $80 million funding round in March with a valuation of $600 million, and is currently preparing its European operations. Notably, licenses do not automatically transfer with acquisitions: under the MiCA framework, acquiring a licensed company is generally considered a change of control requiring regulatory review, and the same applies to UK FCA registration.