- The new headquarters is situated in One Central at the Dubai World Trade Center.
- Dubai attracts more crypto companies in an effort to become an industry hub.
Bybit, the cryptocurrency exchange with more than 15 million users worldwide, has announced the establishment of its global headquarters in Dubai. The move follows a 50% increase in the platform’s client base. It aims to strengthen Bybit’s position in the Middle East and North Africa (MENA) region, where it has established itself as one of the leading crypto trading platforms.
Bybit’s New Dubai World Trade Center Headquarters
Bybit’s new corporate headquarters are located in One Central at the Dubai World Trade Center. They occupy a 16,000-square-foot open space with views of the city’s iconic landmarks, including the Burj Khalifa and the Museum of the Future.
The exchange was one of the first to receive preliminary approval to operate in Dubai, and it has quickly risen among the 400+ crypto and blockchain businesses in the MENA region. By 2023, Bybit intends to more than double its trading volume in the region.
Ben Zhou, CEO and Co-Founder of Bybit, expressed enthusiasm for the new headquarters, stating that Dubai is well-positioned to capitalize on the growth of the digital economy, cryptocurrency, and blockchain technology.
“The digital economy is advancing at incredible speed, and crypto and blockchain technology will be the mainstay and connective tissues,” Zhou added. “As one of the most progressive digital assets hubs in MENA and the world, Dubai is uniquely positioned to capitalize on the sector’s opportunities by bringing together a state-of-the-art technology and infrastructure, international talent, and vision.”
To cultivate local talent, the company intends to collaborate with local institutions to organize hackathons, educational programs, and other entrepreneurial initiatives. Professional meet-ups, live-streaming facilities, workshops to gather user feedback, and sharing sessions on market insights and trends will take place at the new headquarters.
On the other hand, the cryptocurrency winter has not been kind to the company. Bybit announced additional job cuts at the end of the year, five months after an earlier downsizing. According to information available at the time, approximately 30% of employees were laid off.
Companies Relocate to Dubai
Crypto.com has become the latest cryptocurrency exchange to receive a Minimal Viable Product (MVP) Preparatory license from Dubai’s Virtual Asset Regulatory Authority (VARA), joining Bybit.
This license was granted after the exchange was granted provisional approval by the Dubai regulator last year. During the preparatory stage, the MVP license allows the business to meet the necessary conditions to operate within the VARA Regime.
Dubai’s Virtual Asset Regulatory Authority (VARA) was established in March last year to transform Dubai into a central cryptocurrency hub. Due to this effort, many major crypto brands have established a presence in the Middle Eastern city.
Furthermore, Binance has obtained an MVP license after adjusting its operational strategies and obtaining several regulatory permits.
CMC Markets Connects, the institutional client-focused division of CMC Markets, a UK-based online trading provider, has expanded its operations in the United Arab Emirates (UAE) by upgrading its Dubai office. The company sees this as the first step in its plans for regional expansion.
