In a move to replicate the success of Dubai and the UAE, UK economic development officials with ties to the government invited Bybit's leadership to London, where they met with government-linked bodies. According to CEO Ben Zhou, the UK is eager to attract major businesses, create jobs, and discuss upcoming pro-crypto regulations. Bybit, founded in 2018 and currently ranked as the second-largest crypto exchange, relocated its headquarters from Singapore to Dubai in 2022.
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 replicate. Zhou met with the Financial Conduct Authority and representatives of the House of Lords, coinciding with UK Fintech Week and the Treasury's plan to revamp payment systems using stablecoins and tokenization. The invitation comes at an interesting time, as the UAE faces challenges following the US-Israel war, prompting an exodus of residents and tourists, including British citizens.
The UK government seeks to capitalize on this situation and win back the outflow of money and companies that have migrated to the UAE.