In a move 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. CEO Ben Zhou revealed that the UK government is eager to attract major companies and create jobs, with a focus on forthcoming pro-crypto legislation. Bybit, founded by Zhou in 2018 and currently headquartered in Dubai, is the second-largest crypto exchange globally. The arrival of crypto giants like Bybit and Binance in the UAE has created a ripple effect, drawing smaller crypto companies to the region.
Zhou noted that the UK aims to replicate this momentum, and his meetings with the Financial Conduct Authority and the House of Lords coincided with UK Fintech Week and the Treasury's plans to revamp payment systems using stablecoins and tokenization. While the UK government has not commented on the invitation, Zhou stated that the timing is opportune, given the recent outflow of money and companies from the UK to the UAE, and the UK's desire to win back these investments.