WillItSurvive
Crypto and digital asset companies · subsidiary of Robinhood Markets, Inc. (via WonderFi Technologies Inc., acquired June 2026) · Canada

Coinsquare

coinsquare.com ↗

Canadian regulated crypto exchange, now folded into Robinhood's Canadian arm.

Losing its protection
Assessed 21 July 2026 · Evidence as of 21 July 2026
The structural protection is eroding.
On the recordSince 21 July 2026 · Checkable from mid-2027 · Every call on the record Checkpoint: Robinhood's stated 6-12 month plan to fully rebrand Coinsquare/Bitbuy into Robinhood Canada
The call

Coinsquare no longer runs as an independent company; it now survives as a license and user base being merged into Robinhood's Canadian push.

Coinsquare is a licensed online platform where Canadians buy and sell cryptocurrency. It was owned by Robinhood (a huge U.S. brokerage worth $82 billion) starting in 2026, and Robinhood decided to close down the Coinsquare name and fold it into Robinhood Canada. The platform itself had real advantages because it was officially regulated and had strong customer relationships, making it harder for unlicensed competitors or software to replace it, but those advantages no longer matter since Robinhood is retiring the brand anyway. The biggest unknown is whether Robinhood keeps the Canadian team and regulated business running or shrinks it down to almost nothing in the next 6 to 12 months.

Why
01
AI pressure: None apparent. No AI agent or bot is displacing Coinsquare's regulated trading desk; the pressure here is corporate, not algorithmic. Could AI do the core job? Only partly.
02
Bigger players: Robinhood Markets, Inc. (NASDAQ: HOOD). Robinhood closed its C$250M buyout of WonderFi/Coinsquare on June 1, 2026 and is retiring the Coinsquare brand into Robinhood Canada. Could a giant copy it? No, they are blocked.
03
What protects it. Its CIRO dealer license and $2B+ in client assets are exactly why Robinhood bought it instead of building from scratch.
What would change this call
Robinhood announces Coinsquare brand rebranded to Robinhood Canada in customer communications within 6-12 months of June 2026 close. Confirms brand consolidation rather than a distinct multi-year Coinsquare mandate.
Robinhood or WonderFi successor discloses Toronto/Canadian headcount reductions in next two quarters. Shows the acquisition is trimming legacy Coinsquare staff rather than retaining the team.
CIRO or CSA approves expanded product registrations (staking, margin) for Kraken, Coinbase, or Crypto.com in Canada. Would show Coinsquare's regulatory licensing edge over unregistered or newly registered rivals is narrowing further.
Key numbers
  • Robinhood paid C$250M to acquire WonderFi/Coinsquare (2026-06-01)
  • Client assets under custody hit $2.3B (2025-09-30)
  • 1.65M registered users at 2023 three-way merger (2023-07-10)
Named risks
  • Coinsquare brand may be fully retired and absorbed into Robinhood Canada within 6-12 months of June 2026 close. Severity: high
  • Further headcount reductions likely as duplicate roles are consolidated post-acquisition. Severity: high
  • WonderFi ceasing to be a reporting issuer reduces public visibility into Coinsquare-specific financials. Severity: medium
  • Intensifying competition from newly CIRO-registered Kraken, Coinbase Canada and Crypto.com in same period as integration. Severity: medium
  • Historical 2020 OSC wash-trading settlement could resurface reputationally during heightened Robinhood integration scrutiny. Severity: low
Rivals, as read in July 2026
RivalDirectionEvidence
Robinhood (parent)contestingRobinhood folded Coinsquare and Bitbuy into its own brand for Canada as of June 1, 2026
Krakengaining onKraken registered as CIRO restricted dealer in Canada in April 2025
Coinbase Canadagaining onBecame first international restricted dealer registered in Canada, April 2024
Crypto.comgaining onRegistered as CIRO restricted dealer in Canada in May 2025
BitbuycontestingSister brand under same Robinhood-owned parent, client accounts already merged into Coinsquare Capital Markets Ltd. by 2024
Questions people ask
Is Coinsquare still an independent company in 2026?
No. Coinsquare has been a brand inside WonderFi Technologies since a July 10, 2023 reverse merger, and WonderFi itself became a wholly owned subsidiary of Robinhood Markets when that acquisition closed on June 1, 2026, delisting WNDR from the TSX.
Who owns Coinsquare now?
Robinhood Markets, Inc. (NASDAQ: HOOD) owns Coinsquare as of June 1, 2026, after completing its acquisition of WonderFi Technologies for C$0.36 per share, roughly C$250 million total, first announced May 13, 2025.
Could AI replace Coinsquare's business?
Not the regulated core. Coinsquare Capital Markets Ltd. holds a CIRO dealer license, CIPF insurance, and about $680 million in custodian insurance, a licensing moat that pushed Binance, OKX, Bybit, Gemini and Paxos out of Canada entirely by 2025 rather than register. Back-office KYC and support roles are more automatable.
Is Coinsquare profitable?
Its parent, WonderFi, reported positive adjusted EBITDA of $12 million CAD on $62.1 million revenue for FY2024, up 108% year over year, but Q1 2026 revenue slowed to $7.7 million CAD and separate Coinsquare-only profitability is no longer disclosed post merger.
Who are Coinsquare's biggest competitors?
In Canada, Kraken (registered CIRO restricted dealer April 2025), Coinbase Canada (April 2024), Crypto.com (May 2025), Newton, NDAX, Shakepay and sister brand Bitbuy all compete for the same CIRO-regulated retail crypto customers as of 2026.
Will Coinsquare layoffs continue after the Robinhood deal?
Likely. Crustdata tracked headcount falling from about 100 employees in December 2019 to 30 by March 2026, and Robinhood's stated plan to fold Coinsquare and Bitbuy into the Robinhood brand for Canada as of June 1, 2026 suggests further consolidation of duplicate roles.
Timeline
  • 2026-06-01Robinhood closes WonderFi acquisition; Coinsquare becomes Robinhood-owned, WNDR delisted from TSX
  • 2026-05-25CIRO regulatory approval for Robinhood-WonderFi deal obtained
  • 2026-05-12WonderFi reports Q1 2026 revenue of $7.7M CAD, cash and digital assets of $30.6M
  • 2025-09-30WonderFi Q3 2025 revenue reaches $11.7M CAD, up 47.5% YoY
  • 2025-07-21BC Supreme Court issues final order approving Robinhood-WonderFi transaction
  • 2025-07-17WonderFi shareholders approve Robinhood acquisition
  • 2025-05-13Robinhood announces definitive agreement to acquire WonderFi for C$0.36/share, ~C$250M
  • 2024-12-31WonderFi FY2024 revenue hits $62.1M CAD, up 108% YoY, adjusted EBITDA $12M
  • 2023-07-10Coinsquare-WonderFi-CoinSmart three-way merger closes; Coinsquare ceases independence
  • 2020-12-31Coinsquare founder, CEO and CCO settle wash-trading allegations with Ontario Securities Commission
Revision history
21 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
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