In a bid to replicate the success of Dubai and the UAE in attracting cryptocurrency businesses, UK economic development officials invited Bybit's leadership to London for a series of meetings. Bybit CEO Ben Zhou revealed that the UK government is eager to attract major businesses and create jobs, with a focus on forthcoming pro-crypto legislation. Bybit, founded by Zhou in 2018 and currently headquartered in Dubai, is the second-largest crypto exchange globally.
The UK aims to mirror the UAE's success in drawing in smaller crypto companies, which were attracted to the region following the arrival of crypto giants like Bybit and Binance. Zhou's meetings with the Financial Conduct Authority and the House of Lords coincided with UK Fintech Week and a Treasury plan to revamp payment systems using stablecoins and tokenization. The invitation is seen as a strategic move by the UK to win back businesses and investment that have flowed into the UAE, particularly in light of recent geopolitical tensions in the region.