CryptoUnited Kingdom and Europe

Gemini sells UK and EU units to KAST for under $10 million

Crypto exchange Gemini agreed to sell its shuttered UK and EU operations to Singapore-based KAST for under $10 million. The deal marks another step back from international markets.

Illustration: A big flat silhouette of a columned building front stands against a deep teal sky, with a giant gold token with a circuit pattern rising like a sun behind it.
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Gemini, the crypto exchange, has agreed to sell its UK and European operations to KAST, a Singapore-based payments firm that deals in stablecoins. A stablecoin is a crypto token designed to hold a steady value. The price is under $10 million, and the units had already been shut down before the sale.

The deal came hours before Gemini was due to report its third-quarter results. Gemini declined to comment on the sale.

For KAST, the purchase offers a way to expand in two important regulated markets without buying Gemini's wider business. The sale follows an earlier decision by Gemini to pull back from international markets.

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