In an effort to replicate the success of Dubai in attracting cryptocurrency businesses, UK economic development officials have invited Bybit's leadership to establish a presence in London. Bybit CEO Ben Zhou met with government-linked bodies, including the Financial Conduct Authority and the House of Lords, to discuss the UK's plans for pro-crypto regulation and job creation. Zhou noted that the UK is eager to attract big businesses and create jobs, and that the arrival of crypto giants like Bybit and Binance in the UAE has created a momentum that the UK would like to emulate. The meetings coincided with UK Fintech Week and a Treasury plan to revamp payment systems with stablecoins and tokenization.
Zhou stated that the UK government wants to 'win back' the outflow of money and companies that have gone to the UAE, and that now is a good time to do so, given the current instability in the region.