In a move to replicate the success of Dubai and the UAE in attracting crypto businesses, UK economic development officials have invited Bybit's leadership to London. This week, CEO Ben Zhou held meetings with government-linked bodies, including the Financial Conduct Authority and the House of Lords, to explore opportunities for the crypto exchange to establish a presence in the UK.
Zhou stated that the UK is eager to attract big businesses and create jobs, with a focus on forthcoming pro-crypto legislation. Bybit, founded by Zhou in 2018 and currently headquartered in Dubai, is the second-largest crypto exchange globally. The UK aims to emulate the UAE's ability to attract smaller crypto companies, which followed in the wake of crypto giants like Bybit and Binance.
Zhou's meetings coincided with UK Fintech Week and the Treasury's plan to overhaul payment systems using stablecoins and tokenization. The invitation's timing is notable, given the UAE's recent challenges, including direct attacks from Iran, which have prompted an exodus of residents and tourists. The UK government seeks to capitalize on this opportunity to win back businesses and investment, with Zhou noting that 'now is good timing' for the UK to attract crypto companies.