Crypto Exchange Bybit Shifts Global Headquarter to Dubai
Established in 2018, Bybit offers online spot and derivatives trading services, mining and staking products, and software support to retail and institutional customers around the world.
The platform’s peak daily trading volume is expected to be $76 billion in May 2021, which makes the crypto exchange one of the fastest-growing virtual asset platforms. It’s also the third most visited digital asset business in the world.
“Bybit looks forward to contributing to the virtual assets innovations of the Emirate’s vibrant economy and having our global headquarters in Dubai. I believe we could help further stakeholders’ understanding of this complex industry as the virtual assets space continues to rapidly mature.” said Ben Zhou, co-founder and CEO of Bybit.
Crypto Platforms Flocking to Dubai
Meanwhile, Singapore-based Crypto.com also announced in a press conference that it's going to establish its regional hub office in Dubai. Major exchanges FTX and Binance also recently announced their successful acquisition of crypto licenses in Dubai.
Earlier this month, Dubai announced a new virtual assets’ framework, while appointing the Dubai Virtual Assets Regulatory Authority as the sectoral supervisor. It was considered a major move considering the UAE is the third-largest crypto market in the Middle East, according to Chainalysis.
In December 2021, Dubai World Trade Centre announced that it will become a specialized crypto zone.