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

Deriv appears to be pursuing a banking licence in St Vincent and the Grenadines, according to entries in the local regulatory registry showing the application as “pending approval.”

The contracts for differences (CFD) broker established a separate entity in the jurisdiction in June 2023. The company already operates another locally registered entity used to onboard leveraged trading clients.

Under the framework of the Financial Services Authority of St. Vincent and the Grenadines, there is no dedicated brokerage licence for forex or CFD firms. Instead, companies may offer leveraged trading through incorporation. However, the regulator has required locally incorporated brokers to verify overseas regulatory authorisations, effectively making external licensing necessary for firms using the jurisdiction as an operational base.

Multi-Jurisdiction Licensing Strategy

​Deriv traces its origins to 1999, when it operated under a different brand. The broker currently holds regulatory authorisations across several jurisdictions, including Malta, Labuan, Vanuatu, British Virgin Islands, Mauritius, and the Cayman Islands.

The company also obtained a full Category 1 brokerage licence in Dubai and began onboarding clients under that framework last year.

In late 2024, Deriv opened its second office in Cyprus. The new facility in Nicosia serves as a technology development hub focused on artificial intelligence, data analytics, and software engineering.

Leadership and Product Expansion

In 2024, founder Jean-Yves Sireau stepped down as co-CEO, with Rakshit Choudhary assuming the chief executive role after being appointed co-CEO earlier in the year. Sireau remains the company’s majority shareholder.

Alongside structural changes, Deriv has expanded its product offering. In 2023, the firm launched an institutional liquidity division, while its white-label trading infrastructure was introduced earlier to broaden distribution across partner brokers.