In a bid to replicate the success of Dubai and the UAE in attracting cryptocurrency businesses, UK economic development officials have invited Bybit's leadership to London. CEO Ben Zhou revealed that the UK is eager to attract major companies, create jobs, and establish a pro-crypto regulatory framework. 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 ability to draw in smaller crypto companies following the establishment of major players like Bybit and Binance.
Zhou's meetings with the Financial Conduct Authority and House of Lords coincided with UK Fintech Week and the Treasury's plans to revamp payment systems using stablecoins and tokenization. The invitation's timing is notable, given the UAE's recent instability and the outflow of money and companies, which the UK seeks to capitalize on.