Online trading and wealth management broker Deriv has officially secured a Class A international banking license from the Financial Services Authority (FSA) of St. Vincent and the Grenadines.
Global online broker Deriv has secured a banking license from financial regulators in St. Vincent and the Grenadines (SVG) marking a major milestone in its efforts to broaden its global service offerings and streamline payment operations.
The approval follows an application submitted earlier this year with the license awarded to a dedicated entity separate from the broker’s existing offshore unit on the island which already onboards contract for differences (CFD) traders.
The addition of the banking license allows Deriv to reduce its reliance on third-party financial institutions for managing client deposits and withdrawals. By processing payments internally, the broker aims to create a faster smoother transaction experience for its user base.
Deriv CEO Rakshit Choudhary noted that acquiring the license serves two key objectives; expanding financial services by introducing new product categories beyond its core contracts for differences (CFD) trading and streamlining direct client payment processing for deposits and withdrawals by cutting out intermediary banking partners.
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The new SVG banking license adds to Deriv’s growing roster of international regulatory authorizations.
The brokerage firm already maintains active licenses in multiple global jurisdictions, including Malta, Labuan in Malaysia, Vanuatu, the British Virgin Islands, Mauritius and the Cayman Islands.
In addition, the firm secured a Category 1 full brokerage license from Dubai regulators to onboard regional clients and recently expanded its technology and operational footprints with offices in Cyprus and Mauritius.
