In a bid to replicate the success of Dubai and the UAE, UK economic development officials have invited Bybit's leadership to London, aiming to attract big businesses and create jobs. Bybit CEO Ben Zhou stated that the UK is eager to establish a pro-crypto environment and discussed potential collaboration with government-linked bodies, including the FCA and House of Lords. The move comes as the UK seeks to regain momentum in the crypto space, following the influx of crypto companies to the UAE.
Bybit, founded in 2018, is currently the second-largest crypto exchange and has its headquarters in Dubai. The UK's invitation is seen as a strategic move to emulate the UAE's innovative spirit and attract smaller crypto companies to the region. Zhou's meetings coincided with UK Fintech Week and a Treasury plan to revamp payment systems using stablecoins and tokenization. The UK government's initiative is timely, given the recent instability in the UAE due to the U.S.-Israel war, which has prompted an outflow of residents, tourists, and companies.
The UK aims to capitalize on this situation and win back companies that have relocated to the UAE, with Zhou stating that the UK government wants to 'win it back' and that 'now is good timing'.