Deriv Seeks Banking Licence in St Vincent and the Grenadines Amid Strategic Expansion

Deriv, a veteran player in the online trading industry, has applied for a banking licence in St Vincent and the Grenadines (SVG), marking a significant diversification of its operational structure. Regulatory registries indicate the firm established a dedicated entity in June 2023, with the licence status currently listed as “pending approval”.

Regulatory Footprint

While Deriv already utilizes an SVG-registered unit to onboard CFD traders, obtaining a full banking licence would represent a substantial deepening of its ties to the offshore jurisdiction. The move comes as SVG regulators have tightened oversight, requiring locally operated forex brokers to verify their overseas regulatory credentials.

This development serves as the latest step in Deriv's aggressive regulatory roadmap. The broker currently holds authorizations across multiple jurisdictions, including Malta, Mauritius, the British Virgin Islands, and a Category 1 licence in Dubai.

Structural and Leadership Evolution

The banking initiative coincides with broader corporate restructuring at the firm:

• Leadership Shuffle: Founder Jean-Yves Sireau has stepped down as co-CEO, with Rakshit Choudhary fully assuming the top executive role as of early 2024.
• Tech Expansion: In late 2024, Deriv opened a new R&D hub in Nicosia, Cyprus, focusing on artificial intelligence and data analytics to support its trading infrastructure.
• Institutional Push: The firm has recently expanded its service suite with Deriv Prime, a liquidity solution for institutional clients.