UK Courts Crypto Exchange Bybit in Bid to Replicate UAE's Innovation Success

In a move to replicate the success of the United Arab Emirates in attracting major cryptocurrency companies, UK economic development officials have invited Bybit's leadership to London. CEO Ben Zhou met with government-linked bodies, including the Financial Conduct Authority and the House of Lords, to discuss potential pro-crypto regulations and the establishment of a base in the UK. Bybit, founded by Zhou in 2018, relocated its headquarters to Dubai from Singapore in 2022 and is now the second-largest crypto exchange, according to CoinGecko. The UK aims to emulate the momentum generated by the arrival of crypto giants like Bybit and Binance in the UAE, which has attracted smaller crypto companies to the region. Zhou noted that the UK has not yet built significant momentum in the crypto space, but the invitation to discuss innovation and crypto regulation suggests a desire to change this. The meetings coincided with UK Fintech Week and a Treasury plan to revamp payment systems using stablecoins and tokenization. Zhou stated that the UK government is eager to attract big businesses and create jobs, and the timing of the invitation is notable given the recent outflow of money and companies from the UK to the UAE.