Deriv secures banking license in Saint Vincent and the Grenadines

Deriv, a major global online broker, has obtained a banking license from the regulatory authority in Saint Vincent and the Grenadines.

CEO Rakshit Choudhary stated that this regulatory milestone is intended to expand the company’s jurisdictional reach and operational capabilities. The transition to a banking structure is expected to allow for a broader range of products and to streamline client deposits and withdrawals by reducing reliance on third-party payment providers.

Deriv currently holds licenses in several other jurisdictions, including Malta, Malaysia, Vanuatu, the British Virgin Islands, Mauritius, the Cayman Islands, and Dubai.