Gemini has sold its operations in the UK and the European Union to Singapore-based payments company KAST for less than $10 million, according to the reported terms of the deal. The sale marks another step in the crypto exchange’s effort to narrow its international footprint and focus on profitability.

Gemini, founded by Cameron and Tyler Winklevoss, is keeping its attention on the US and Singapore markets as it pulls back from several overseas jurisdictions. The transaction also gives KAST a foothold in regions where regulation, licensing, and distribution can be difficult to build from scratch.

Part of a broader retrenchment

The disposal of Gemini’s UK and EU business follows a wider restructuring plan carried out in 2026. Earlier this year, the company outlined plans to stop operating in the UK, the EU, and Australia as it reassessed its international strategy.

That pullback was accompanied by notable staff reductions. In March, Gemini cut about 30% of its workforce, leaving roughly 445 employees as of March 1. The source article also describes an overall workforce reduction of about 25% as part of the exchange’s restructuring during the year.

Profitability push despite revenue growth

Gemini’s retreat from some foreign markets comes even as the company reported stronger top-line results. In the first quarter of 2026, revenue rose 42% year over year to $50.3 million, showing that the business was still expanding in some areas while management pursued cost cuts and strategic concentration.

The company has also pointed to newer business lines as part of that growth. Those include Gemini Predictions, its prediction markets platform, and AI-focused trading products such as the Grok-based Command Center. The sale of the UK and EU operations suggests Gemini is trying to balance product expansion with a tighter geographic focus.

KAST’s expansion strategy

KAST, the buyer in the deal, focuses on stablecoin-based payments infrastructure. The acquisition fits with the company’s stated interest in buying additional businesses as it expands.

The transaction also reflects a broader pattern in crypto mergers and acquisitions. Companies in the sector are often looking for operating licenses, market access, and existing product rails that can accelerate expansion faster than building those capabilities independently.

What comes next

The reported sale leaves Gemini more concentrated in the US and Singapore, in line with its stated priorities. For KAST, the acquisition appears to support its plan to broaden its payments footprint through inorganic growth.

Another relevant development for Gemini came in May, when Winklevoss Capital Fund invested $100 million in the exchange by purchasing Class A shares and paying in bitcoin. Taken together, the investment and the overseas divestment point to a company reshaping its structure while trying to improve profitability and focus on markets it sees as core.

Source: incrypted.com