In a move to replicate the success of Dubai and the UAE in attracting cryptocurrency 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 UK aims to emulate the UAE's ability to attract smaller crypto companies, following the establishment of major players like Bybit and Binance in the region. Zhou's meetings with the Financial Conduct Authority and the House of Lords coincided with UK Fintech Week and a Treasury plan to modernize 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 to the UAE, particularly in light of recent regional instability. Zhou noted that the UK government is pushing for innovation, especially in the crypto sector, and that the current timing is opportune for collaboration.