In a bid to replicate the success of Dubai and the UAE in attracting major cryptocurrency players, UK economic development officials have extended an invitation to Bybit's leadership to establish a presence in London. Bybit CEO Ben Zhou revealed that the UK government is eager to attract large businesses, create jobs, and discuss upcoming pro-crypto legislation.
Founded in 2018, Bybit relocated its headquarters to Dubai from Singapore in 2022 and is currently ranked as the second-largest crypto exchange by CoinGecko. The influx of crypto giants like Bybit and Binance has drawn smaller crypto companies to the region, a phenomenon the UK hopes to replicate.
Zhou's meetings with the Financial Conduct Authority and the House of Lords coincided with UK Fintech Week and a Treasury plan to integrate stablecoins and tokenization into the payment system. The invitation's timing is notable, given the UAE's recent challenges, including direct attacks from Iran, which have prompted an exodus of residents and tourists. The UK government aims to capitalize on this situation and win back the outflow of money and companies that have migrated to the UAE.