Deriv has secured a banking license from St Vincent and the Grenadines regulators, CEO Rakshit Choudhary confirmed, marking a strategic expansion of the CFD broker’s global jurisdictional footprint. The license was granted to a separate entity from Deriv’s existing offshore operation on the island, a move flagged earlier this year when the application was filed.
The banking license enables Deriv to reduce third-party payment dependencies and streamline client deposit and withdrawal processes directly. Choudhary emphasized this will open new product ranges currently unavailable to the broker while improving the overall client experience through proprietary payment solutions.
Deriv already operates under multiple regulatory frameworks including Malta, Malaysia’s Labuan, Dubai’s Category 1 brokerage license, the British Virgin Islands, Mauritius, and the Cayman Islands. The firm has recently accelerated its physical expansion with a second Cyprus technology hub in Nicosia focused on AI and data analytics, plus a new Mauritius office launched earlier this year.
FXnCO Insight
Brokers should monitor whether Deriv’s self-reliant banking infrastructure delivers competitive advantages in payment processing speeds and costs that could pressure rivals to pursue similar licensing strategies.
Source: Finance Magnates