In a bid to replicate the success of Dubai and the UAE in attracting cryptocurrency businesses, UK economic development officials have extended an invitation to Bybit's leadership to establish a presence in London. According to CEO Ben Zhou, the UK is eager to attract major companies and create jobs, with a focus on forthcoming pro-crypto legislation.
Bybit, founded by Zhou in 2018, relocated its headquarters to Dubai from Singapore in 2022 and is currently the second-largest crypto exchange, trailing only Binance. The arrival of crypto giants in the UAE has drawn smaller companies to the region, a trend the UK hopes to emulate. Zhou's meetings with the Financial Conduct Authority and the House of Lords coincided with UK Fintech Week and a Treasury plan to overhaul payment systems using stablecoins and tokenization.
The invitation's timing is notable, given the UAE's recent instability due to the U.S.-Israel war, which has prompted an exodus of residents and tourists. The UK government aims to capitalize on this situation and reclaim the outflow of money and companies to the UAE, with Zhou stating that 'now is good timing' for such a move.