According to Bitcoinist, Gemini has sold its UK and European operations to stablecoin payments company KAST for less than $10 million, marking another step in the cryptocurrency exchange's retreat from international markets. The transaction gives KAST, founded by former Circle executive Raagulan Pathy, a platform to expand into regulated European markets.

The sale follows Gemini's February announcement to wind down operations across the UK, the European Union, and Australia as part of a restructuring effort aimed at reducing costs and improving its path to profitability. Neither company disclosed full agreement terms, though regulatory approvals remain required for the transfer of existing licenses and business entities.

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