In an effort to replicate the success of Dubai and the UAE in attracting major cryptocurrency players, UK economic development officials have extended an invitation to Bybit's leadership to establish a presence in London. Bybit CEO Ben Zhou revealed that the UK government is eager to attract large businesses and create jobs, with forthcoming crypto-friendly regulations on the horizon. Having founded Bybit in 2018 and relocated its headquarters to Dubai from Singapore in 2022, Zhou noted that the arrival of major crypto exchanges like Bybit and Binance has drawn smaller 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 integrate stablecoins and tokenization into payment systems.
The invitation is seen as an attempt by the UK to regain some of the innovative momentum lost to the UAE, particularly in the wake of recent geopolitical tensions that have prompted an exodus of residents and companies from the region.