Robinhood is now in Canada — what it means for Canadian crypto investors

On June 1, 2026, Robinhood closed its C$250 million all-cash acquisition of WonderFi — owner of Bitbuy and Coinsquare, two of Canada’s oldest regulated crypto exchanges. The acquisition marks the firm’s formal entry into the Canadian market. As a result, WonderFi shares were delisted from the Toronto Stock Exchange (TSX) on June 2.

For any Canadian who trades crypto or has been watching the space, the deal shifts the competitive landscape in ways worth understanding.

Take the first step towards trading crypto. Find a platform, create your account and see why thousands of Canadians invest in cryptocurrency trading.

Why did Robinhood buy WonderFi?

WonderFi, a Canadian digital asset company, operated Bitbuy and Coinsquare under a single corporate structure, together holding more than C$2.1 billion in assets under custody and approximately 300,000 funded customers. That scale made it the most significant regulated crypto footprint in Canada — and the reason Robinhood pursued it.

For Robinhood, acquiring a CIRO-registered platform was a faster path to entering the Canadian market compared to building regulatory standing from scratch which is a multi-year process. But that faster entry came at a cost; Robinhood paid a 41% premium to WonderFi’s TSX closing price of C$0.36 per share.

CIRO approved the transfer of control of Coinsquare Capital Markets Ltd. (CCML), WonderFi’s restricted-dealer subsidiary, on May 20, 2026 — the final regulatory condition before closing. No further regulatory approvals were required. WonderFi’s 115-person team, including CEO Dean Skurka, joined Robinhood’s Canadian operations under Johann Kerbrat, senior vice president and general manager of Robinhood Crypto and International.

What it means for the Canadian crypto market

Robinhood’s entry introduces a well-capitalized U.S. platform into a market that has, by design, been shielded from less-regulated international competition. The practical effects for Canadian investors are still unfolding, but a few are already clear.

On fees: Robinhood has announced a flat 0.5% fee per trade for Canadian customers (using Canadian currency), which is competitive given Bitbuy’s structure of a 1.5% trading fee plus a 1% spread on Express Trades, and roughly in line with Coinsquare’s Pro platform, which charges 0.5% maker/taker fees. For the broader market, pricing pressure from a well-resourced entrant could influence what competing platforms charge over time.

On product breadth: Robinhood’s stated longer-term ambition is to layer equities, options, futures and prediction markets onto its Canadian crypto base — the same playbook it used after acquiring the European exchange Bitstamp in 2024. No confirmed timelines exist for those rollouts in Canada. For now, the offering is crypto only.

On regulation: The CIRO framework that governs Canadian crypto platforms does not change as a result of this acquisition. Robinhood stepped into an existing regulatory structure, not around it.

What Canadian crypto investors should do

Whether you hold an account on Bitbuy or Coinsquare, or trade on another registered platform, Robinhood’s arrival raises a few questions worth thinking through.

Account holders on Bitbuy or Coinsquare will be migrated to the Robinhood app. The timeline for that migration has not been disclosed. Watch for email communications from Robinhood or WonderFi — your account terms, fee structure and platform interface will change. Review any new terms carefully before accepting them.

On CIRO oversight: The regulatory protections that applied before this acquisition remain in place. CIRO-registered platforms must segregate client assets, maintain cold storage for at least 80% to 90% of holdings and publish quarterly proof-of-reserves reports. Those obligations travel with the registration, not with the previous owner.

On investor protection: The Canadian Investor Protection Fund (CIPF) covers securities and cash held at CIRO member firms in the event of insolvency, but according to CIPF’s own published coverage policy, crypto assets are explicitly excluded from that protection. This applies regardless of which platform you use or who owns it. If you want to understand what protection applies to your specific account type, check your platform’s terms directly.

On the broader competitive picture: Robinhood’s 0.5% flat fee is one data point. Before assuming a platform switch makes financial sense, compare the full cost structure — including funding fees, withdrawal costs and any spread markups — not just the headline trading rate.

What to do now

If you hold crypto on Bitbuy or Coinsquare, monitor your email for migration communications and review new account terms before accepting them.

For all crypto investors:

• Compare your current platform’s full fee structure — including spreads and funding costs — against Robinhood’s announced 0.5% flat rate
• Confirm any platform you use holds active CIRO registration — the CIRO public registry is the authoritative source
• Review CIPF’s coverage policy to understand what is and is not protected in a crypto account — crypto assets are currently excluded
• If you are considering switching platforms based on this news, evaluate the complete fee picture, not just the trading rate

Get started

With platforms like Kraken, buying and trading cryptocurrencies is straightforward, whether you’re on a desktop or using the mobile app.

You can buy and trade 600+ cryptocurrencies✢ on desktop or through their mobile app, or set up recurring buys to invest automatically.

There’s also the option to add price conditions, so your trades only execute when the market hits your target.

Kraken provides guides on popular coins, helping you understand what you’re buying and how to navigate the process from start to finish.