In an effort to replicate the success of Dubai and the UAE in attracting cryptocurrency businesses, UK economic development officials have extended an invitation to Bybit's leadership to establish a presence in London. According to CEO Ben Zhou, the UK is eager to attract major businesses, create jobs, and discuss upcoming pro-crypto regulations.
Bybit, founded by Zhou in 2018 and currently headquartered in Dubai, is the second-largest crypto exchange globally. The UK aims to mirror the UAE's ability to draw in smaller crypto companies following the establishment of major players like Bybit and Binance.
Zhou's meetings with the Financial Conduct Authority and the House of Lords coincided with UK Fintech Week and the Treasury's plan to revamp payment systems using stablecoins and tokenization. The invitation is seen as a strategic move by the UK to reclaim its position as a hub for innovation, particularly in the crypto space, as the UAE faces challenges amidst the ongoing US-Israel war.