In a move to replicate the success of Dubai and the United Arab Emirates in attracting cryptocurrency businesses, UK economic development officials have invited Bybit's leadership to London. Bybit CEO Ben Zhou held meetings with government-linked bodies, including the Financial Conduct Authority and the House of Lords, to discuss the UK's eagerness to attract major businesses and create jobs. Zhou stated that the UK is keen to establish a pro-crypto environment and is open to discussing forthcoming regulations.
Bybit, founded by Zhou in 2018, relocated its headquarters to Dubai from Singapore in 2022 and is currently the second-largest crypto exchange, according to CoinGecko. The UK aims to emulate the UAE's success 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 has not yet built momentum in the crypto space, but the arrival of major players like Bybit could create a ripple effect, attracting smaller companies to the region. The meetings coincided with UK Fintech Week and a Treasury plan to revamp payment systems using stablecoins and tokenization.
Zhou's discussions with the FCA and the House of Lords were initiated by an economic development board, which claimed to have a direct line to the prime minister. The invitation is seen as an attempt by the UK government to win back businesses and investment that have flowed to the UAE.
The timing of the invitation is notable, given the recent attacks on the UAE by Iran, which have prompted an exodus of residents and tourists. The UK government is seeking to capitalize on this situation and attract businesses to its shores.