In a bid to replicate the success of the UAE in attracting cryptocurrency businesses, the UK has extended an invitation to Bybit, a leading crypto exchange, to establish a presence in London. Bybit's CEO, Ben Zhou, recently met with government-linked bodies in the UK, including the Financial Conduct Authority (FCA) and the House of Lords, to discuss the potential relocation and the UK's upcoming pro-crypto regulations.
The move is seen as an attempt by the UK to regain some of the innovation and investment that has flowed to the UAE in recent years, particularly after the arrival of crypto giants like Bybit and Binance. Zhou noted that the UK is eager to attract big businesses and create jobs, and that the presence of major crypto exchanges can act as a magnet for smaller companies, creating a momentum that the UK would like to replicate. The invitation comes at a time when the UAE is facing challenges, including recent attacks from Iran, which have prompted many residents and tourists to leave the country.
The UK government's overture to Bybit is seen as a strategic move to win back some of the investment and innovation that has been drawn to the UAE.