Daily Crypto Briefs 
CASABLANCA, Nov. 12, 2026
Crypto exchange Gemini sold its UK and European Union operations to stablecoin payments firm KAST for less than $10 million, CoinDesk reported Thursday, hours before the exchange was due to report quarterly earnings.
CoinDesk cited one person familiar with the deal, which follows Gemini’s February decision to withdraw from both markets. Gemini declined to comment to CoinDesk, and KAST told the outlet it was pursuing acquisitions generally while declining to discuss the transaction. The companies have yet to publicly confirm the price, closing date or precise list of entities involved.
Bitcoin closed Wednesday’s UTC session at $73,927.63, up 0.31% on the day and 11.8% below its October 11 close. It traded between $73,110 and $74,812 during Wednesday’s session, which ended before the sale report.
In a job listing for a Dublin-based general manager, KAST described bringing Gemini’s UK and EU staff into its business and overseeing changes of control and reauthorization. The posting also described plans to bring KAST Business and KAST Private to Europe after the acquisition, without giving a launch date.
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BTCSampled completed UTC daily closes from ChartExchange.
Gemini set April 6 as its account closure date
Gemini’s February securities filing laid out plans to leave the UK, the EU and Australia and cut up to 200 jobs, about 25% of its global workforce at the time. The exchange moved UK and European accounts to withdrawals only on March 5 and set April 6 as the closure date for the UK, the European Economic Area and Australia.
Gemini’s customer notice named eToro as an optional destination for transfers during the wind-down. Thursday’s report carried no new instructions for former customers and gave no indication that their accounts or balances would move to KAST.
The pullback was part of a broader effort to cut costs. Gemini disclosed about $7.9 million in restructuring charges in the first half of 2026, mostly for severance and office leases, in its June-quarter filing. Its second-quarter results showed that services drove a 37% rise in total revenue while exchange transaction revenue fell 38% year over year.
What Gemini’s UK and EU licenses could mean for KAST
The European Securities and Markets Authority’s November 11 register lists Gemini Intergalactic EU Ltd as a Malta-authorized crypto service provider, with no end date in its record. The listed permissions cover services including custody, exchange and transfers. The register identifies the licensed legal entity and its permitted activities.
Under Article 83 of the EU’s Markets in Crypto-Assets Regulation, an intended buyer of a qualifying holding must notify the national regulator, which has 60 working days after acknowledging the filing to assess the acquisition. The regulator can pause that clock to seek more information. KAST’s listing gave no filing date or approval timetable.
The UK permissions have a separate history. In its February exit notice, the Financial Conduct Authority distinguished Gemini Payments UK’s electronic-money authorization from Gemini Intergalactic UK’s registration under anti-money-laundering rules. The FCA also has a separate change-of-control process for registered crypto firms. The scope of any future KAST service would depend on which entities and permissions are involved.
KAST’s European payments plans and Gemini’s next filing
KAST offers accounts, transfers and cards that let users hold and spend funds tied to stablecoins. The company raised $80 million in March in a round co-led by QED Investors and Left Lane Capital. It said some of the money would go toward licensing and compliance.
The reported transaction would give KAST another route to expand its payments business in Europe. Other firms have pursued direct applications. Ripple’s preliminary MiCA approval in Luxembourg, for example, marked a step toward offering regulated crypto payments across the European Economic Area.
The Crypto Fear & Greed Index stood at 28 on November 12, in the Fear range, down from 29 the previous day.
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Nov. 12, 2026Gemini scheduled its third-quarter results for after Thursday’s US market close, with a call Friday at 8:30 a.m. Eastern time. A company disclosure identifying the entities and deal terms, or a regulator’s decision on ownership, could clarify what KAST can launch and when.
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Primary sources and further reading
| Source | Title |
|---|---|
| | KAST Europe general manager job listing |
| | Gemini restructuring disclosure |
| | Gemini customer account closure notice |
| | FCA notice on Gemini's UK exit |
| | ESMA interim MiCA register |
Fact-checked by: Daily Crypto Briefs Fact-Check Desk
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Frequently Asked Questions
Did KAST buy Gemini's UK and EU operations?
CoinDesk reported the sale on November 12, citing one person familiar with it who put the price below $10 million. A KAST job listing described the integration, while the companies have yet to publicly confirm the terms or closing date.
Will Gemini reopen UK or EU customer accounts?
Gemini set April 6, 2026, as the closure date for accounts in the UK and European Economic Area. The reported deal did not announce a reopening, an account migration or any change to Gemini's customer instructions.
Does KAST now have Gemini's MiCA license?
The November 11 ESMA register lists Gemini Intergalactic EU Ltd as the authorized entity. MiCA requires review of qualifying ownership changes. The reported sale did not establish which permissions KAST could use or for which services.
When will Gemini report its third-quarter results?
Gemini scheduled its results for after the US market close on November 12, 2026, and its earnings call for November 13 at 8:30 a.m. Eastern time.