Connect with us
DAPA Banner

Crypto World

Potential buyers are circling Winklevoss-backed crypto exchange Gemini (GEMI)

Published

on

Potential buyers are circling Winklevoss-backed crypto exchange Gemini (GEMI)

Potential buyers are evaluating an acquisition of parts of Gemini Space Station (GEMI), the crypto exchange backed by the billionaire Winklevoss twins, according to a person with direct knowledge of the matter.

The New York-based firm said in February that it was cutting its global workforce by 25% and shutting down its operations in the U.K., the European Union and Australia and keeping only its U.S. and Singapore businesses.

Some would-be acquirers are interested in buying the company’s now-shuttered operations in Europe and the U.K. to obtain regulatory licenses in these jurisdictions and are not interested in a full takeover of the Nasdaq-listed company, the person said, who spoke on condition of anonymity as the matter is private.

A company spokesperson declined to comment.

Advertisement

Gemini extends beyond a trading venue, offering institutional custody, staking and yield products, and payments infrastructure enabling fiat–crypto on- and off-ramps. It has also built brokerage and clearing capabilities, positioning itself as a full-service platform rather than just an exchange. The firm also provides a crypto rewards credit card, allowing users to earn digital assets on everyday spending.

Regulatory approvals

In Europe, Gemini operated under a combination of national registrations across several jurisdictions and a Markets in Crypto-Assets (MiCA) license that enabled it to offer services across the EU single market.

In the U.K., the exchange is registered with the Financial Conduct Authority (FCA) as an electronic money institution (EMI), allowing it to provide certain regulated payment services. It also appears on the FCA’s register of approved cryptoasset service providers.

Securing regulatory approvals in Europe and the U.K. can take years, which is why acquiring Gemini’s now-shuttered operations makes sense, the person added.

Advertisement

Under Europe’s MiCA regime, a crypto license doesn’t simply transfer to a new owner in an acquisition. Instead, any takeover of a licensed firm is treated as a “change of control” event, meaning regulators reassess the deal rather than automatically allowing the authorization to pass.

Acquirers must notify the relevant national competent authority and, in many cases, secure approval, or at least a formal non-objection, before closing, effectively subjecting the new owner to regulatory scrutiny similar to a fresh applicant.

The Financial Conduct Authority takes a very similar approach. A crypto firm registered with the FCA does not have a transferable license in an acquisition. A takeover is treated as a change of control, not a transfer of authorization.

Volatile run

Gemini’s shares have been volatile since its September 2025 IPO.

Advertisement

The stock was priced at $28 in its IPO, opened above $37 and closed its first day around $32, with intraday gains of more than 30% signaling strong investor demand.

However, that early momentum quickly unraveled.

The stock has since collapsed from its post-listing highs and now trades at around $4.36, down more than 80% from its IPO price, underscoring a steep loss of investor confidence amid a broader crypto market downturn and company-specific headwinds.

Senior departures

The company recently parted ways with three top executives, including its chief operating officer (COO), chief financial officer (CFO), and chief legal officer (CLO), the exchange disclosed in a February filing.

Advertisement

COO Marshall Beard, CFO Dan Chen and CLO Tyler Meade all left with immediate effect, according to the filing. Beard also resigned from Gemini’s board of directors, with the firm stating his departure was not the result of any disagreement related to its operations, policies or practices.

The departures came just days after Gemini announced it would shut down its crypto exchange operations in the U.K., European Union and Australia.

Gemini shares were 11% higher after the news. Short interest is 15% of the float according to FactSet data.

Read more: Gemini stock falls 10% after it parts ways with COO, CFO and Chief Legal Officer months after IPO

Advertisement

UPDATE (April. 9, 6.20 pm UTC): Updates story with the share price move and short interest data.

Source link

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

Binance Rolls out Prediction Markets for App Using Predict.fun

Published

on

Cryptocurrency Exchange, Applications, Binance, Prediction Markets

Binance Wallet has integrated prediction market features into its app, saying it will cover all trading and settlement transaction fees for users as it make a play for a piece of the $20 billion market.

In a Thursday notice, Binance said it will launch probability-based markets as a feature on the company’s app through an integration with third-party platforms, starting with Predict.fun. According to the crypto exchange, the integration will be “gasless,” with the company sponsoring fees for trades and settlements on the BNB Smart Chain.

Cryptocurrency Exchange, Applications, Binance, Prediction Markets
Source: Binance

Prediction market platforms like Kalshi and Polymarket offer users the chance to take a position on the outcome of events in a variety of topics, including politics and sports. The latter has put those platforms in the sights of multiple US state authorities who have filed lawsuits for allegedly violating state gaming laws by offering sports bets.

Binance’s integration is the latest example of a crypto platform moving deeper into prediction markets despite some of the more controversial bets on the platforms. Polymarket, for example, has offered users contracts on events related to US-Israeli military actions against Iran.

Related: DOJ and CFTC seek halt to Arizona action against Kalshi

Advertisement

According to data from TRM Labs, the monthly transaction volume across prediction markets platforms reached $20 billion in January — a twenty-fold increase from levels seen in early 2025.

Kalshi co-founder denies Trump son is influencing US regulators

While state-level gaming authorities pursue the platforms in court, the US Commodity Futures Trading Commission (CFTC) has claimed it has “exclusive jurisdiction” to oversee prediction markets. Amid challenges by federal regulators to state actions, ties between some of the companies and the current US administration have stoked concerns among industry leaders and lawmakers about conflicts of interest.

In an Axios interview released on Thursday, Kalshi CEO Tarek Mansour and co-founder Luana Lopes Lara addressed questions about conflicts due to hiring US President Donald Trump’s son as a strategic adviser shortly before his father took office. 

“We have never asked for any favors […] and he has never done anything, any regulatory ask, nothing like that,” said Lara, referring to Donald Trump Jr. using his connections to the US government.

Advertisement

Magazine: Anger grows over Polymarket bets on Iran war: ‘Dystopian death market’