Crypto exchange Bybit has officially opened its global headquarters in Dubai, following the company’s announcement last year of its plans to establish itself in the emirate.
This move demonstrates the exchange’s commitment to expanding its presence in the Middle East and North Africa (MENA) region, which has become an increasingly important hub for digital asset trading.
Dubai’s strategic location, as well as its progressive approach to digital assets, make it an ideal location for Bybit’s global headquarters, according to Ben Zhou, CEO and co-founder of Bybit. “As one of the most progressive digital assets hubs in MENA and the world, Dubai is optimally positioned to capture the opportunities in the sector,” he said.
The launch of Bybit’s global headquarters in Dubai comes after a challenging year for the crypto industry, with the market experiencing a significant downturn.
Bybit, like several other firms in the space, had to weather lay-offs, and faced a derivatives trading ban in Brazil and penalties in Canada.
However, the company’s move to Dubai signals its resilience and determination to grow and succeed in the highly competitive crypto trading space.
Dubai is one of seven emirates that make up the United Arab Emirates (UAE) and has been working to establish itself as a leading crypto hub in the region.
The emirate has taken a progressive approach to digital assets, with regulators developing a clear framework to govern the sector.
This has attracted several crypto firms to set up operations in Dubai, including BitOasis, a crypto exchange and wallet provider, and DMCC, the world’s largest free trade zone.
