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 CEO Ben Zhou revealed that the UK is eager to attract major businesses and create jobs, with a focus on forthcoming pro-crypto legislation.
Founded in 2018 by Zhou, Bybit relocated its headquarters to Dubai from Singapore in 2022 and is now the second-largest crypto exchange, according to CoinGecko. The presence of major crypto companies like Bybit and Binance in the UAE has drawn smaller players to the region, a phenomenon the UK hopes to emulate. Zhou noted that the UK has not yet built momentum in this area, but the arrival of crypto giants could change this. His 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.
Zhou stated that the invitation was extended by an economic development board claiming to have a direct line to the prime minister, with an agenda to drive innovation, particularly in crypto. The timing of the invitation is notable, given the recent attacks on the UAE and the resulting exodus of residents and companies, which the UK government seeks to capitalize on to win back businesses and investment.