Robinhood Markets, Inc. has completed the acquisition of WonderFi, a formerly publicly traded Canadian fintech company focused on cryptocurrency and digital assets.

 

The acquisition, valued at $180 million, now allows Robinhood to fully enter the Canadian crypto market, with WonderFi subsidiaries Bitbuy, a crypto trading platform, and Coinsquare, a regulated crypto exchange, becoming part of the Robinhood brand.

 

“WonderFi has extensive experience operating regulated crypto platforms that serve beginner and advanced crypto users alike, making it an ideal partner to accelerate Robinhood’s mission in Canada,” said Johann Kerbrat, SVP and General Manager of Robinhood Crypto & International.

 

“We’re pleased to have closed our acquisition and look forward to delivering innovative, user-centric investing products to Canadian customers,” he added.

 

With this acquisition, WonderFi employees will join more than 240 Robinhood employees based in Canada, collectively serving more than 1 million Robinhood customers internationally and 300,000 existing WonderFi customers.

 

About Robinhood 

Robinhood Markets, Inc. is a Nasdaq-listed American financial technology company with a presence in the United Kingdom, the European Union (EU), and now Canada.

 

Established in February 2018, Robinhood operates a dual trading platform across mobile and web that is designed to make access to different asset classes easier, particularly for newer investors. Its mission is simple: to democratize finance for all.

 

Since its launch, Robinhood has achieved several milestones, including pioneering commission-free trading in the United States, a move that prompted many brokerage firms to eliminate commission fees. Over the years, Robinhood has also completed a number of acquisitions, including X1, a financial technology company; TradePMR; Bitstamp, a cryptocurrency exchange; and Pluto Capital.

 

Like Robinhood, several other companies have completed acquisitions this year to expand into new areas of finance and cryptocurrency. Bullish, a cryptocurrency exchange, recently acquired Equiniti for approximately $4.2 billion as part of its effort to enter the tokenized securities sector. Other companies, including Mastercard, Polygon Labs, and OKX, have also pursued strategic acquisitions to expand their market presence.

 

 

Dubai’s digital asset regulator has instructed KuCoin and all entities associated with the exchange to cease their crypto operations in the Emirates, stating that the platform operated an illegal, unlicensed virtual asset service.

 

In a recent news alert, the Virtual Assets Regulatory Authority (VARA), Dubai’s digital assets regulator, warned residents about the unlicensed crypto operations of KuCoin and its affiliated entities: Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited, and KuCoin EU GmbH.

 

Image credit: VARA

 

According to VARA, KuCoin and its entities lacked the necessary regulatory approvals to operate in the region and that they misled the public about their licensing status.

 

"In accordance with Dubai Law No. (4) of 2022 and Cabinet Resolution No. 111/2022, all virtual asset service providers must be licensed to operate legally in this jurisdiction. KuCoin does not meet these legal requirements and is not authorised to provide any virtual asset services in or from Dubai," the regulator said.

 

Since KuCoin lacked the regulatory approval required to operate in the United Arab Emirates, the regulator clarified that any promotion, advertising, or solicitation related to the exchange and its virtual asset products was illegal.

 

Thus, KuCoin has been instructed to cease and desist from all unlicensed virtual asset activities in the region. The regulator also urged Dubai residents and investors to consult its public register of licensed and approved VASPs before engaging with any platform.

 

 

Kucoin’s Rough Edge With Regulatory Compliance

KuCoin has had its own battles with regulatory compliance in recent years. In February 2024, Austria’s Financial Market Authority temporarily restricted the exchange from onboarding new customers to its platform.

 

According to the regulator, KuCoin lacked key compliance personnel responsible for anti-money laundering (AML), counter-terrorist financing (CTF), and sanctions monitoring. The exchange was therefore found to be non-compliant with regulatory obligations under the EU crypto framework. As a result, KuCoin had to temporarily halt its operations until full compliance was achieved.

 

In 2025, Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) imposed a $19.6 million fine on KuCoin, accusing the exchange of serious anti-money laundering (AML) violations and failing to register as a money services business. The fine came three years after the exchange was permanently banned in Ontario.

 

KuCoin also had to exit the U.S. market in 2025 after being accused of operating an unlicensed money-transmitting business and other anti-money-laundering violations. It paid a $300 million fine and agreed to remain out of the U.S. market for at least two years.