In a bid to replicate the success of the United Arab Emirates in attracting cryptocurrency innovation, UK economic development officials have invited Bybit's leadership to London. Bybit CEO Ben Zhou revealed that the UK government is eager to attract big businesses and create jobs, with a focus on forthcoming pro-crypto regulation.
Founded in 2018 by Zhou, Bybit relocated its headquarters to Dubai from Singapore in 2022 and is currently ranked the second-largest crypto exchange by 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 aims to emulate. Zhou noted that the UK lacks momentum in this area, and his meetings with the Financial Conduct Authority and House of Lords representatives coincided with UK Fintech Week and the Treasury's plan to revamp payment systems using stablecoins and tokenization.
The invitation to Bybit comes at a time when the UAE is facing challenges, including direct attacks from Iran, prompting an outflow of residents and companies. The UK government seeks to capitalize on this situation and win back businesses, with Zhou stating that 'now is good timing' for the UK to attract innovation and investment.