In a move to replicate the success of Dubai and the UAE in attracting cryptocurrency businesses, UK economic development officials have invited Bybit's leadership to London. Bybit's CEO, Ben Zhou, revealed that the UK government is eager to attract major businesses and create jobs, with a focus on forthcoming crypto-friendly regulations. Founded in 2018 by Zhou, Bybit relocated its headquarters to Dubai from Singapore in 2022 and is currently the second-largest crypto exchange, according to CoinGecko. The presence of crypto giants like Bybit and Binance in the UAE has drawn smaller crypto companies to the region, a phenomenon the UK hopes to replicate.
Zhou met with the Financial Conduct Authority and representatives of the House of Lords during UK Fintech Week, coinciding with the Treasury's plan to revamp payment systems using stablecoins and tokenization. The invitation is seen as an attempt by the UK government to win back businesses and investment that have flowed into the UAE, particularly in light of recent geopolitical tensions in the region.