The Hidden Arms Race: Why Major Crypto Firms Are Acquiring Brokerages

Over the last year, crypto exchanges and fintech giants have quietly launched a land grab for licensed brokerages across key regulatory jurisdictions. While headlines highlight crypto adoption by banks or expanding retail volumes, a less publicized but more tactical movement is underway: the strategic acquisition of FX and CFD brokerages by major crypto players.

This isn’t a headline trend. It’s a takeover.  And if you’re an FX broker still sitting on the sidelines, the message is clear: either offer crypto, or risk losing your clients to someone who does.

Why Crypto Firms Are Buying Brokerages

From Shift Markets’ view, these acquisitions aren’t just about licenses or client books. Crypto firms are buying regulatory access, trading permissions, and infrastructure in one move. A MiFID license unlocks the EU. An FX-ready book adds margin volume. What normally takes years is now a fast-track to expansion.

The value is compounding. One deal opens new markets, adds leverage-ready users, and consolidates spot, margin, and derivatives under one system. For FX and CFD brokers, this is no longer a side trend. Crypto firms are entering the space with capital and intent. If you don’t offer crypto, someone else will.

2025: The Year of Brokerage Acquisitions

This isn’t theoretical. The biggest names in crypto are making real moves—and they’re spending billions to do it. In March 2025, Kraken acquired NinjaTrader for $1.5 billion, gaining instant access to a CFTC-regulated futures and FX platform with over 2 million retail traders. Just two months later, Crypto.com purchased LegacyFX, a CySEC-regulated firm, securing a MiFID license that enables the company to offer CFDs and FX products across the EU starting in Q3.

Meanwhile, Coinbase announced its $2.9 billion acquisition of Deribit, positioning itself as a dominant force in global crypto options and derivatives trading. These aren’t isolated bets. They’re deliberate steps toward building full-spectrum brokerages that combine spot, margin, and derivatives under one roof, supported by regulatory licenses and institutional-grade infrastructure.

Who’s Buying What: Major Deals (2023–2025)

Here are some of the most impactful acquisitions and partnerships to date:

These are not isolated events. They represent a coordinated push by crypto giants to secure brokerage pipelines, compliance infrastructure, and a new base of margin and derivatives traders. Each deal unlocks immediate access to regulated markets, active trading flow, and institutional credibility. The strategy is clear: combine crypto and traditional trading under one platform, accelerate multi-asset expansion, and compete directly with legacy brokers still constrained by slower tech stacks and fragmented licensing.

Timeline of Expansion: How Crypto Firms Are Assembling Brokerage Power

The acquisition spree didn’t happen all at once. It accelerated. What began in 2023 as early infrastructure plays turned into a full-scale push into regulated brokerage territory. Each year built on the last—turning crypto firms into multi-asset trading powerhouses.

2023: The Trend Begins

The first wave of acquisitions centered on infrastructure and positioning. Crypto firms began securing regulated entry points into traditional finance, focusing on analytics, asset management, and licensing footholds. These early moves laid the groundwork for broader expansion.

• CoinShares acquired Napoleon AM (France) for ~€14M to expand into MFID-approved asset management and derivatives.

• Coinbase acquired Skew (UK) for ~$100M, gaining institutional analytics and regulatory presence.

2024: Deal Volume Picks Up

Regulatory clarity improved and M&A activity ramped up. Acquisitions focused on FX/CFD integration, custody infrastructure, and multi-jurisdictional licensing, setting the stage for broader product rollout.

• Crypto.com acquired Charterprime (Mauritius) to add FX, CFD, and securities licensing.

• eToro integrated DeltaFX (EU/Israel) to grow CFD/FX volume ahead of IPO.

• Bitpanda acquired Trustology (UK) to strengthen custody and MiFID2 partnerships.

• Binance formed global broker connections via Capital Connect to expand crypto access via FX/CFD brokers.