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, a leading crypto exchange, to establish a presence in London. Bybit's CEO, Ben Zhou, revealed that the UK is eager to attract major businesses and create jobs, with a focus on forthcoming 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 arrival of crypto giants like Bybit and Binance in the UAE has created a ripple effect, drawing 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 overhaul payment systems using stablecoins and tokenization. The invitation is seen as a strategic move by the UK to win back businesses and investment that have flowed into the UAE, particularly in light of recent geopolitical tensions in the region.