Gemini Exits Europe in Winklevoss Cost-Cut Deal with KAST

Summary

• Gemini sold its already shuttered U.K. and EU operations to stablecoin firm KAST for under $10 million.
• The exchange posted Q3 2026 revenue of $40.9 million as spot trading volume fell 73 percent.
• The move comes amid ongoing regulatory scrutiny in India after raids on other crypto platforms.

Gemini sold its shuttered U.K. and European operations to Singapore-based stablecoin payments firm KAST for less than $10 million around November 12, 2026. The units had already shut down before the sale closed. Reports tie the deal to cost cuts at the Winklevoss-owned exchange.

The sale caused little immediate disruption. It fits Gemini's push to trim expenses amid falling revenue and regulatory pressure in India.

Context

Gemini has faced pressure to reduce costs after a sharp contraction in trading activity. The exchange reported a 93 percent drop in certain metrics earlier in the year. That prompted restructuring.

The KAST transaction follows reports that emerged on November 12, 2026. Days earlier, Indian authorities raided the premises of CoinDCX and Delta Exchange on November 4-5.

Europe and the U.K. had already become secondary markets for Gemini before the sale. The company continues to face crypto-regulation questions in India while it seeks to build a broader markets business beyond spot trading.

Details

Gemini reported third-quarter 2026 revenue of $40.9 million. Platform spot trading volume declined 73 percent during the period. The sale price stayed below $10 million according to multiple reports citing sources close to the deal.

"Gemini Space Station has sold its already shuttered U.K. and European operations to Singapore stablecoin payments firm KAST for less than $10 million."

, Bitcoin Magazine (Source)

The U.K. and EU units generated no active revenue at the time of transfer. KAST, a stablecoin-focused payments company, acquired the entities as part of its own regional expansion plans. Gemini has signaled it will redirect resources toward non-trading revenue streams.

Outlook

Gemini will continue cost discipline while it navigates crypto-regulation scrutiny in India and seeks growth in other markets. The KAST transaction removes legacy overhead with minimal near-term revenue impact.