Bybit, the crypto
exchange with over 15 million users worldwide, has announced the opening of its
global headquarters in Dubai. The move follows an increase of 50% in the platform’s
client base and aims to strengthen Bybit’s foothold in the Middle East and
North Africa (MENA) region, where it has become one of the leading crypto
trading platforms.
Bybit’s new
corporate headquarters is situated in One Central at the Dubai World Trade
Center, occupying a 16,000-square-foot open space with views of the city’s
iconic landmarks, such as the Burj Khalifa and the Museum of the Future.
The
exchange is one of the first to receive in-principle approval to operate in
Dubai and has quickly climbed the ranks among the 400+ crypto and blockchain
businesses in the MENA region. In 2023, Bybit aims to double its trading volume
in the area.
Bybit’s CEO
and Co-Founder, Ben Zhou expressed excitement about the new headquarters,
stating that Dubai is optimally positioned to capitalize on the growth of the
digital economy, crypto, and blockchain technology.
“The
digital economy is advancing at incredible speed and crypto and blockchain
technology will be the mainstay and the connective tissues,” Zhou added. “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 by bringing together
state-of-the-art tech and infrastructure, international talent and vision.”
The company
plans to work with local institutions to organize hackathons, educational
programs, and other entrepreneurial initiatives to nurture local talent. The
new headquarters will host a variety of activities, such as professional
meet-ups, live-streaming facilities, workshops to gather user feedback, and
sharing sessions on market insights and trends.
#Bybit has officially opened its HQ in Dubai!
👀 Check out the variety of exclusive spaces, which will host everything from professional meet-ups to live-streaming sessions.
Win a share of the 7,000 USDT prize pool: https://t.co/CvCFtgi7Qn#TheCryptoArk #NextLevelExploration pic.twitter.com/PVLET93BTN
— Bybit (@Bybit_Official) April 17, 2023
However,
the cryptocurrency winter has not spared the company. At the end of the year,
Bybit announced further job cuts five months after an earlier downsizing.
According to information at the time, about 30% of employees were going to lose their
jobs.
Companies Move to Dubai
Crypto.com has joined Bybit in receiving a Minimal Viable Product (MVP) Preparatory
license from Dubai’s Virtual Asset Regulatory Authority (VARA), making it the
latest cryptocurrency exchange to do so. This license was granted after the
exchange received provisional approval from the regulator in Dubai last year.
The MVP license allows the exchange to fulfill the necessary conditions to
operate within the VARA Regime during the preparatory stage.
Dubai’s
Virtual Asset Regulatory Authority (VARA) was established in March of last year to transform Dubai into a major hub for cryptocurrency. This
effort has been successful, as many major crypto brands have established a
presence in the Middle Eastern city. In addition, Binance has obtained an MVP license as the exchange has adjusted its operational strategies and obtained several
regulatory permits.
In other
news, CMC Markets Connects, the institutional client-focused division of
UK-based online trading provider CMC Markets, has expanded its operations in
the United Arab Emirates (UAE) by upgrading its office in Dubai. The company
views this as the first step in its regional expansion plans.
Bybit, the crypto
exchange with over 15 million users worldwide, has announced the opening of its
global headquarters in Dubai. The move follows an increase of 50% in the platform’s
client base and aims to strengthen Bybit’s foothold in the Middle East and
North Africa (MENA) region, where it has become one of the leading crypto
trading platforms.
Bybit’s new
corporate headquarters is situated in One Central at the Dubai World Trade
Center, occupying a 16,000-square-foot open space with views of the city’s
iconic landmarks, such as the Burj Khalifa and the Museum of the Future.
The
exchange is one of the first to receive in-principle approval to operate in
Dubai and has quickly climbed the ranks among the 400+ crypto and blockchain
businesses in the MENA region. In 2023, Bybit aims to double its trading volume
in the area.
Bybit’s CEO
and Co-Founder, Ben Zhou expressed excitement about the new headquarters,
stating that Dubai is optimally positioned to capitalize on the growth of the
digital economy, crypto, and blockchain technology.
“The
digital economy is advancing at incredible speed and crypto and blockchain
technology will be the mainstay and the connective tissues,” Zhou added. “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 by bringing together
state-of-the-art tech and infrastructure, international talent and vision.”
The company
plans to work with local institutions to organize hackathons, educational
programs, and other entrepreneurial initiatives to nurture local talent. The
new headquarters will host a variety of activities, such as professional
meet-ups, live-streaming facilities, workshops to gather user feedback, and
sharing sessions on market insights and trends.
#Bybit has officially opened its HQ in Dubai!
👀 Check out the variety of exclusive spaces, which will host everything from professional meet-ups to live-streaming sessions.
Win a share of the 7,000 USDT prize pool: https://t.co/CvCFtgi7Qn#TheCryptoArk #NextLevelExploration pic.twitter.com/PVLET93BTN
— Bybit (@Bybit_Official) April 17, 2023
However,
the cryptocurrency winter has not spared the company. At the end of the year,
Bybit announced further job cuts five months after an earlier downsizing.
According to information at the time, about 30% of employees were going to lose their
jobs.
Companies Move to Dubai
Crypto.com has joined Bybit in receiving a Minimal Viable Product (MVP) Preparatory
license from Dubai’s Virtual Asset Regulatory Authority (VARA), making it the
latest cryptocurrency exchange to do so. This license was granted after the
exchange received provisional approval from the regulator in Dubai last year.
The MVP license allows the exchange to fulfill the necessary conditions to
operate within the VARA Regime during the preparatory stage.
Dubai’s
Virtual Asset Regulatory Authority (VARA) was established in March of last year to transform Dubai into a major hub for cryptocurrency. This
effort has been successful, as many major crypto brands have established a
presence in the Middle Eastern city. In addition, Binance has obtained an MVP license as the exchange has adjusted its operational strategies and obtained several
regulatory permits.
In other
news, CMC Markets Connects, the institutional client-focused division of
UK-based online trading provider CMC Markets, has expanded its operations in
the United Arab Emirates (UAE) by upgrading its office in Dubai. The company
views this as the first step in its regional expansion plans.
