UK Courts Crypto Exchange Bybit in Bid to Replicate UAE's Innovative Edge

In a move to replicate the innovative momentum of Dubai and the UAE, UK economic development officials invited Bybit's leadership to London, where CEO Ben Zhou met with government-linked bodies, including the Financial Conduct Authority and the House of Lords. Zhou stated that the UK is eager to attract major businesses, create jobs, and establish a pro-crypto regulatory framework. Bybit, founded in 2018 and currently headquartered in Dubai, is the second-largest crypto exchange, according to CoinGecko. The arrival 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's meetings coincided with UK Fintech Week and a Treasury plan to revamp payment systems using stablecoins and tokenization. The invitation's timing is notable, given the UAE's recent instability and the outflow of money and companies, which the UK government seeks to reverse.