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Crypto exchange Bybit has opened its global headquarters in Dubai, the company announced on Monday.

  • The launch comes nearly a year after Bybit revealed plans to establish itself in the emirate based on an in-principle approval to move its global headquarters to the city.
  • “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,” Ben Zhou, CEO and co-founder of Bybit, said in the press release, referring to the Middle East North Africa region.
  • During the recent crypto winter, Bybit, like many other crypto firms, had to weather layoffs. It also faced a derivatives trading ban in Brazil and penalties in Canada.
  • Dubai is one of seven emirates that form the United Arab Emirates and is an aspiring crypto hub in the region.

Edited by Sandali Handagama.