Gemini Sells UK and European Operations to KAST

Crypto exchange Gemini has sold its shuttered UK and European Union units to the payments firm KAST. The transaction value remained below $10 million. KAST is a Singapore-based platform that utilizes stablecoins in its operations.

This move is part of Gemini's strategy to cut costs and pursue profitability. In February, the company announced the closure of activities in several international jurisdictions. The plan included closing customer accounts in those regions and cutting approximately 25% of its global workforce.

Founders Cameron and Tyler Winklevoss decided to focus the company's efforts on the United States and Singapore. European and British operations were already in the process of being deactivated before the sale. The transaction does not involve the core structure of the exchange operating in the US market.

The purchase by KAST primarily involves regulatory licenses and the remaining entities of the sold units. Any transfer of control for licensed companies in the UK or Europe depends on review and approval from local regulators. KAST did not comment on the specific terms of the deal.

The consolidation of exchanges and the transfer of regulatory licenses may reduce the fragmentation of the global crypto market. This scenario points to increased operational efficiency for companies seeking to expand their international presence through strategic acquisitions.