UK Courts Crypto Exchange Bybit in Bid to Replicate UAE's Innovative Spirit

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. CEO Ben Zhou met with government-linked bodies, including the Financial Conduct Authority and the House of Lords, to explore opportunities for the crypto exchange to establish a presence in the UK. Bybit, founded by Zhou in 2018 and currently headquartered in Dubai, is the second-largest crypto exchange globally. The UK aims to emulate the UAE's momentum in attracting crypto giants like Bybit and Binance, which has led to the arrival of smaller crypto companies in the region. Zhou noted that the UK is eager to invite big businesses to create jobs and discussed forthcoming pro-crypto regulation. The invitation comes as the UAE faces challenges, including recent attacks from Iran, prompting an outflow of residents and businesses. The UK sees this as an opportunity to win back companies and investment, with Zhou stating that 'now is good timing' for the UK to attract crypto businesses.