Trading app Robinhood has obtained the final regulatory nod from Canadian authorities for its C$250 million purchase of WonderFi, clearing the path for the transaction to conclude around June 1. The Canadian Investment Regulatory Organization approved Coinsquare Capital Markets, a WonderFi subsidiary, on May 20, satisfying the last condition for the deal.
WonderFi, based in Toronto, oversees several regulated crypto operations in Canada, including Bitbuy and Coinsquare. Once the acquisition is finalized, Robinhood will gain a foothold in Canada’s established crypto trading network.
The approval follows Robinhood’s earlier announcement in May 2025 to acquire WonderFi as part of its global expansion in digital assets. Analysts previously estimated the deal could boost Robinhood’s revenue by up to 10%.
Although both firms initially targeted a closing in the latter half of 2025, the timeline was extended. WonderFi noted that the extra time allowed Robinhood to secure regulatory approvals and adapt its trading technology for the Canadian market.
Earlier steps were completed months prior: WonderFi shareholders approved the arrangement in July 2025, and the Supreme Court of British Columbia issued a final court order shortly after.
The Canadian green light comes less than two weeks after reports that Robinhood Crypto COO Tanya Denisova left the company after over five years. No public comment was made by either Denisova or Robinhood, and no successor has been named. Under Denisova, Robinhood introduced commission-free crypto trading, digital wallets, and staking, and completed the acquisition of Bitstamp in 2025.
Meanwhile, Robinhood’s crypto revenue declined sharply, falling 47% year-over-year to $134 million in Q1 2026, from $252 million a year earlier. Morningstar called crypto trading a “pressure point” due to weaker retail engagement and Bitcoin trading mostly below $80,000. Despite this, Robinhood’s total net revenue rose 15% to $1.07 billion in the same quarter.
The platform processed roughly $25 billion in monthly crypto trading volume in early 2026, though revenue from that activity dipped compared to the prior year. Robinhood shares were down 3% at the time of writing.