Deriv, a contracts for differences (CFDs) broker that rebranded from Binary.com in 2020, has appointed Rakshit Choudhary as its sole Chief Executive Officer following the departure of Jean-Yves Sireau from the executive team, FinanceMagnates.com has learned. Until now, Choudhary and Sireau jointly held the position of co-CEOs.
Sireau Launches New Venture
Sireau, the founder of Binary.com (now Deriv), is stepping down from his executive role after nearly 25 years at the company. He will continue as the majority shareholder and will focus on strategic guidance and future initiatives. He has already launched a new company focused on AI-driven health optimisation.
“This handover represents a natural and exciting evolution for Deriv,” Sireau commented. “Rakshit has been an integral part of the company’s growth for over 16 years and is well positioned to lead it forward.”
A Long-Time Employee Takes the Helm
Choudhary has spent most of his career at Deriv. He joined the broker in mid-2009 as a Quantitative Analyst and progressed steadily through the ranks. He was later appointed Head of Quantitative Development & Research, followed by Head of Product Development. Prior to becoming co-CEO last year, he served as Chief Operating Officer for five years.
Like many other major brokers, Deriv is broadening its offerings. In 2023, it launched its institutional arm, Deriv Prime, which provides liquidity to other industry participants. In 2022, the firm introduced its white label service under the Deriv X brand.
“I look forward to building on that legacy — accelerating growth in our core markets, advancing our AI-first strategy, and improving the client experience across the board,” Choudhary said in a statement.
Meanwhile, Deriv opened its second office in Cyprus last December. Based in Nicosia, the new site functions as a technology development centre, where teams focus on artificial intelligence, data analytics, and software development.
This article was written by Arnab Shome at www.financemagnates.com.
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