British economic development officials have extended an invitation to Bybit's leadership to establish a presence in London, in an apparent attempt to replicate the success of Dubai and the UAE in attracting innovative businesses. According to CEO Ben Zhou, the UK is eager to attract major companies and create jobs, with a focus on pro-crypto regulation. Bybit, founded in 2018 and currently headquartered in Dubai, is the second-largest crypto exchange globally. The UK aims to replicate the UAE's success in drawing in smaller crypto companies, following the arrival of major players like Bybit and Binance.
Zhou met with the Financial Conduct Authority and House of Lords representatives, coinciding with UK Fintech Week and the Treasury's plans to revamp payment systems using stablecoins and tokenization. The invitation is seen as an attempt to win back businesses and investment that have flowed into the UAE, particularly in light of recent geopolitical tensions in the region.