Gemini Sells UK and European Business to Stablecoin Payments Company Kast

According to TechFlow, on November 12, citing CoinDesk, crypto exchange Gemini has sold its UK and European business to stablecoin payments company Kast for less than 10 million USD.

Gemini launched a restructuring in February this year, cutting about 25% of its global workforce and exiting the UK, EU and Australia markets, shifting its business focus to the US and Singapore. Since then, the company has been seeking buyers for the closed UK and European entities; potential buyers are primarily interested not in the businesses themselves but in the associated MiCA license and UK FCA registration.

Kast is a stablecoin payments company that completed a funding round of 80 million USD in March this year at a 600 million USD valuation and is preparing for European operations. It should be noted that licenses do not transfer automatically with an acquisition: under the MiCA framework, acquiring a licensed company is generally treated as a change of control and requires regulatory re-review; the same applies to UK FCA registration.

Source: TechFlow