In a bid to replicate the success of Dubai and the UAE in attracting innovative businesses, UK economic development officials have invited Bybit's leadership to London. CEO Ben Zhou revealed that the UK 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 drawn smaller crypto companies to the region, a phenomenon the UK hopes to emulate. Zhou's meetings with the Financial Conduct Authority and House of Lords representatives coincided with UK Fintech Week and the Treasury's plans 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.