Deriv has obtained a banking license from the regulator in St Vincent and the Grenadines. Its CEO, Rakshit Choudhary, highlighted that the move is “part of a broader push” to expand the contracts for differences (CFD) broker’s jurisdictional reach globally.

The move did not come as a surprise, as Finance Magnates reported earlier this year that the broker had applied for the same license. It has been awarded to an entity separate from the broker’s other existing offshore entity on the island.

Becoming Self-Reliant for Payments

“It opens up product ranges we don’t currently offer,” Choudhary added.

“Along with the thought of ‘Deriv becomes a bank’, it can also be seen as streamlining every step of the client’s journey around deposits and withdrawals, and reducing our reliance on third parties so we can build smoother solutions directly for our clients.”

Deriv is a heavily regulated broker with licenses in jurisdictions such as Malta, Labuan in Malaysia, Vanuatu, the British Virgin Islands, Mauritius, and the Cayman Islands. It also obtained a full brokerage (Cat 1) licence from the regulator in Dubai and started onboarding traders under that licence last year.

The broker also opened its second Cyprus office in late 2024. Based in Nicosia, the new site functions as a technology development centre, where teams focus on artificial intelligence, data analytics, and software development.

It also has a physical presence in Mauritius, which was opened earlier this year.

This article was written by Arnab Shome at www.financemagnates.com.Retail FXRead More

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