Crypto exchange Bybit announced the opening of its global headquarters in Dubai, following a 50% increase in the platform’s user base, which has more than 15 million users worldwide.
As one of the leading crypto exchange platforms in the Middle East and North Africa (MENA), Bybit plans to have a stronger foothold in the region to promote its global presence.
Bybit opens global HQ in Dubai
In a press release from April 18, Bybit announced it is setting up office at the Dubai World Trade Center.
The office is an open space of 16,000 square feet occupying a whole floor with a view of landmarks such as the Museum of the Future and the Burj Khalifa.
Bybit is one of the first crypto exchanges to secure in-principle approval from the virtual asset regulatory authority (VARA) to operate in Dubai.
Over the past year, the exchange has taken the opportunity to rise up to being the second largest among more than 400 crypto and blockchain businesses in MENA.
Bybit aims to double its $33.5 billion trading volume in 2023 and expects to get a full license in the second quarter of the year.
Crypto companies move to Dubai
Bybit has joined the list of crypto companies that have moved to Dubai due to the city’s crypto-friendly environment.
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
Ben Zhou, Bybit CEO and co-founder.
Crypto.com also recently acquired a minimal viable product (MVP) Preparatory license from the VARA joining the likes of Binance and Bybit.
Dubai’s VARA was established in March 2022 to transform Dubai into a cryptocurrency hub and has been successful as many cryptocurrency platforms have set up shop in the state.
Bybit plans to partner with local institutions to host hackathons and provide educational and entrepreneurial programs to nurture local talent.