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. Bybit CEO Ben Zhou revealed that the UK government is eager to attract major businesses, create jobs, and discuss upcoming pro-crypto legislation. Founded in 2018, Bybit relocated its headquarters to Dubai from Singapore in 2022 and is now 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 with the Financial Conduct Authority and the House of Lords coincided with UK Fintech Week and the Treasury's plan to revamp payment systems using stablecoins and tokenization.
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 companies that have relocated to the UAE.