After being enticed to the region by its attitude on digital currencies, Bybit is launching its new headquarters in Dubai.
Bybit CEO Ben Zhou stated in a corporate blog post that shifting its headquarters to Dubai marks a new milestone for the exchange. Bybit’s new headquarters is located at the Dubai World Trade Center, with views of the Dubai International Financial Center (DIFC) and other notable landmarks.
Bybit’s aim to establish operations in Dubai dates back to March 2022, when the city’s authority granted it preliminary approval to provide digital asset services. Throughout the last year, the exchange has been “scouting elite talent” and working with Dubai’s regulator to verify that its actions are legal.
Zhou revealed that since getting approval, the team has generated approximately $33.5 billion in trading activity, propelling it to second place in the MENA area in terms of transaction volumes. The CEO of the company stated that the new headquarters would be critical in exceeding prior milestones and laying the groundwork for a profitable future.
Zhou disclosed that choosing Dubai as the location of its headquarters was a fairly simple decision influenced by the city’s quest to transform itself into a global Web3 hub.
Dubai introduced a full legislative framework for digital currencies ahead of the central government, forming a new agency tasked with awarding licences to qualifying enterprises.
After the legislative framework was passed, several organisations, including Binance and Crypto.com, have come to Dubai to establish operations. After the establishment of new trade zones for the industry, the UAE has also increased its attempts to stay up with Dubai in terms of digital currency growth.
