- Bybit will soon acquire the full license in Q2 2023.
- This crypto exchange holds a global trading volume of $33 billion with 15M users.
- Reportedly, Dubai is the third largest crypto market in the MEASA region.
Crypto exchange Bybit confirmed the opening of its global headquarters in Dubai — the most crypto-friendly hub in the United Arab Emirates (UAE). On Monday, the crypto entity debuted its “new home” after receiving in-principal approval from Virtual Assets Regulatory Authority (VARA) last March for operating in this emirate.
Bybit opened this HQ in the 16,000 sq. ft. facility at One Central in Dubai World Center. The exchange shifted from Singapore due to the regulatory tightening in the Southeast Asian nation.
Significantly, UAE is all set to welcome license applications from crypto service providers worldwide to operate in their region unlike Singapore which slowed down this phase.
Dubai and Bybit Accelerate Crypto Expansion
Bybit had been undergoing a tough phase in the crypto market lately. It faced a stringent regulatory ban from the Brazilian government. Just like every other entity, Bybit also initiated layoffs in Q4 2022. Recently, in early April, Japan scrutinized and classified this crypto exchange under unregistered operators.
Despite all these, this Dubai-based exchange targets to emerge as the “Crypto Ark” and a prime arbiter of cryptocurrency adoption. By expanding to the Emirate, Bybit aims to aid in transforming the city into a global digital hub.
Ben Zhou, CEO and Co-founder of Bybit, said:
“The Crypto Ark has officially been anchored at the heart of Dubai. We’re going to start hiring massively here in the UAE and the region. We’ve already talked to universities to host hackathons and provide internships for the local kids.”
The exchange’s new HQ will onboard 80 employees from its Singapore and Hong Kong facilities. Additionally, the team announced the hiring of 100 new employees in Dubai.
Moreover, the Bybit exchange team boasted the support of its popular partners for the HQ opening on Twitter. The list included — the famous Formula One company, Oracle Red Bull Racing, the German football club Borussia Dortmund (BVB), Astralis, the Danish esports organization renowned in Counter-Strike: Global Offensive (CS: GO), and Alliance, the Swedish esports team expert in Dota 2, Fortnite and Call of Duty.
