In a move to replicate the success of Dubai and the UAE in attracting cryptocurrency businesses, UK economic development officials have invited Bybit's leadership to London for discussions. Bybit CEO Ben Zhou revealed that the UK government is eager to attract major businesses, create jobs, and introduce crypto-friendly regulations.
Founded in 2018 by Zhou, Bybit relocated its headquarters to Dubai from Singapore in 2022 and is currently the second-largest crypto exchange, according to CoinGecko. The presence of crypto giants like Bybit and Binance in the UAE has drawn smaller crypto companies to the region, a phenomenon the UK hopes to emulate.
Zhou's UK visit includes meetings with the Financial Conduct Authority and the House of Lords, coinciding with UK Fintech Week and the Treasury's plans to revamp payment systems using stablecoins and tokenization. The invitation comes at a time when the UAE is facing challenges, including recent attacks from Iran, prompting an exodus of residents and tourists. The UK government aims to capitalize on this situation and win back businesses that have relocated to the UAE.