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. CEO Ben Zhou revealed that the UK is eager to attract major businesses, create jobs, and discuss upcoming pro-crypto legislation.
Bybit, founded in 2018 and currently ranked as the second-largest crypto exchange, relocated its headquarters to Dubai from Singapore in 2022. 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 emulate. 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 to win back companies and investment that have flowed into the UAE, particularly in light of recent geopolitical tensions in the region.