Gemini is reportedly selling its already shuttered United Kingdom and European operations to Singapore stablecoin payments firm KAST for less than $10 million.
Neither company has issued a public confirmation of the deal, but the disposal would close a retreat Gemini laid out earlier this year to exit foreign markets and support a path to profitability.
The buyer is actively scouting deals as its revenue and user base grow across stablecoin rails.
What would change hands is the leftover staff and regulatory permissions from the already wound-down units, since buyers of shuttered crypto businesses often value licenses more than remaining operations.
The exchange planned to keep operating in the United States and Singapore while reducing its global workforce by up to 200 employees as part of that same restructuring effort.
Investors are waiting for third-quarter results released Thursday evening to see if the overseas wind-down has lowered costs enough to approach the firm's profit goal.