Bybit, a Singapore-based crypto exchange, yesterday received in-principle approval to conduct virtual asset business in Dubai. Following the development, Bybit through a blog on their blog section and Twitter handle indicated that it shall also go ahead and moves its global headquarters to Dubai.
📢 In an announcement with the UAE Ministry of Economy @Economyae at the World Government Summit, Bybit received in-principal approval to conduct virtual asset business & will be setting up our global HQ in Dubai!
— BYBIT 🦍 (@Bybit_Official) March 28, 2022
The exchange is set to move its headquarters to Dubai in April this year.
According to the co-founder and CEO of Bybit, Ben Zhou:
“I believe we could help further stakeholders’ understanding of this complex industry as the virtual assets space continues to rapidly mature. This in-principle approval is an extraordinary opportunity for Bybit to support the UAE and the wider region’s ambition to become a global virtual assets technology hub.”
Bybit was established in 2018 and has grown over the years to become one of the leading crypto exchanges. It is also believed to be the fastest-growing virtual asset platform and the third most visited digital asset business across the globe.
Currently, Bybit offers online spot and derivatives trading services, mining and staking products, and software support to retail and institutional customers around the world.
Crypto exchanges flocking to Dubai
Besides, Bybit, major exchanges including FTX and Binance also recently acquired crypto licenses to operate in Dubai.
The recent developments come right on the heels of Dubai announcing a new virtual assets framework and appointing the Virtual Assets Regulatory Authority as the supervisor of the industry. This was a major shift, especially considering the UAE is the third-largest crypto market in the Middle East.