Deriv Gains Banking License in SVG

Deriv has been granted a banking licence by the financial regulator in St Vincent and the Grenadines, adding a banking entity to the contracts for differences (CFD) broker's offshore footprint. Chief Executive Rakshit Choudhary framed the approval as part of a wider effort to extend the firm's jurisdictional reach across global markets.

The licence was issued to a separate corporate entity from the one Deriv already operates on the Caribbean island. The development had been anticipated: reports earlier this year indicated the broker had filed an application for the same authorisation.

Payments and product expansion

Choudhary said the banking licence unlocks offerings the broker does not currently provide. Beyond the idea of "Deriv becomes a bank," he said the move should streamline every stage of the client journey around deposits and withdrawals, reducing the company's dependence on third parties so it can build smoother solutions directly for its customers.

Deriv already holds a broad set of regulatory approvals, including in Malta, Labuan in Malaysia, Vanuatu, the British Virgin Islands, Mauritius and the Cayman Islands. The broker also secured a full brokerage, or Category 1, licence from the regulator in Dubai and began onboarding traders under that authorisation last year.

The group has been expanding its physical presence as well. It opened a second office in Cyprus in late 2024, located in Nicosia and operating as a technology development centre where teams work on artificial intelligence, data analytics and software development. Deriv also established a physical presence in Mauritius earlier this year.

Taken together, the banking licence and the recent office openings point to a broker broadening both its regulatory permissions and its operational base. The St Vincent entity gives Deriv a direct role in handling client money flows that were previously routed through external providers, a structure the company expects to translate into a more integrated experience for traders.