Crypto Units in UK and Europe Sell Under $10M
Payments operators eyeing UK and European expansion can see how cheaply regulated crypto licenses are changing hands as platforms retreat.
Updated on Nov. 12, 2026 in Financial Services
Gemini Space Station has sold its UK and European businesses to Singapore-based stablecoin payments firm KAST for less than $10 million, following its February announcement that it would wind down operations in the UK, European Union and Australia. For operators in financial services, the deal signals how quickly cross-border crypto platforms are consolidating or exiting non-core regions.
Why it matters
Gemini sought to reduce expenses and move toward profitability, and the sale lets it retain only its US and Singapore businesses while shedding markets it no longer wants to fund. The transaction shows that regional crypto exchanges are being valued at a fraction of their prior scale, which matters for any firm weighing entry, acquisition or exit in those markets.
Gemini's sale of its UK and European businesses to KAST was valued at less than $10 million, while Gemini plans to cut roughly 25% of its global workforce. KAST, the buyer, raised $80 million in a Series A round in March, a figure that dwarfs the price paid for the assets it acquired.
The players
Gemini Space Station
A crypto exchange that retains its US and Singapore businesses after divesting its UK and European operations to cut costs and move toward profitability.
KAST
A Singapore-based stablecoin payments firm offering stablecoin accounts, international transfers and payment cards, now expanding into the UK and Europe.
QED Investors
A venture capital firm that led KAST's $80 million Series A round, backing the buyer's expansion in stablecoin payments.
Left Lane Capital
An investor that co-led KAST's Series A round, supporting the firm's regional growth and compliance build-out.
The details
Gemini is keeping its US and Singapore businesses while exiting the UK, European Union and Australia, a restructuring aimed at reducing expenses. KAST, founded by former Circle executive Raagulan Pathy, offers stablecoin-based accounts, international transfers and payment cards, so the acquired units give it a regulated foothold in new regions. Part of KAST's Series A funding, led by QED Investors and Left Lane Capital, was earmarked for licensing and compliance, which signals that the buyer is paying to re-establish regulatory standing before scaling.
Timeline
February: Gemini announces it will wind down operations in the UK, European Union and Australia.
March: KAST closes an $80 million Series A round led by QED Investors and Left Lane Capital.
Thursday: CoinDesk reports the Gemini divestiture sale to KAST.
Market Landscape
The sale follows a pattern in which crypto platforms are pruning international footprints to reduce expenses, with KAST acquiring regulated operations at a low price. The move positions a stablecoin-focused buyer, built by a former Circle executive, against competitors seeking licensed entry into the UK and Europe.
Operators in payments and fintech should watch for acquisition targets and talent moves as crypto platforms exit non-core regions at low valuations. Finance and compliance teams should expect licensing and regulatory onboarding to be a major cost line for any firm entering the UK or EU through an acquired entity.
The takeaway
Treat regional licensing as a priced asset: a regulated entity can be bought for less than $10 million while the compliance build-out costs far more. Track KAST's licensing progress and whether other crypto platforms follow Gemini's regional exits next quarter.
Further reading
For broader context on how cross-border payments and stablecoin firms are reshaping the sector, explore our Financial Services coverage.
