THE DAILY ENCRYPT

October 4, 2022

Bybit The Crypto Exchange Moves its HQ to Dubai From Singapore

As the UAE tries to attract businesses in the rapidly-growing cryptocurrency industry, Bybit announced that it will relocate its headquarters from Singapore to Dubai....
green and black rope
Photo by Clint Adair

As the UAE tries to attract businesses in the rapidly-growing cryptocurrency industry, Bybit announced that it will relocate its headquarters from Singapore to Dubai.

After receiving in-principle approval for a “full range” of virtual assets business in the United Arab Emirates, Bybit will begin operations in Dubai next month, it announced in a blog Monday. Crypto.com, which is also based out of Singapore, said that it would establish a regional base in Dubai and plan to have a “significant” presence.

Related Articles:  Polygon Has Built its Success From Making Crypto Mainstream

These exchanges join global competitors like Binance Holdings Ltd. or FTX in expanding in UAE. The UAE is trying to build a crypto-friendly reputation, even as financial centers tighten their oversight. In an effort to reduce speculation in digital assets, Singapore instructed crypto companies not to market to consumers.

UAE Pushes to Embrace Fintech

Ben Zhou, chief executive officer of Bybit, stated that Dubai is a good location for us and allows us to maintain a strong global presence. The company did not say whether employees will be moving from Singapore to Dubai as part of the new headquarters.

Related Articles:  Fed's Jerome Powell and ECB's Christine Lagarde Call For More Regulation

Dubai is also a popular destination for Indian crypto companies. Dubai imposes heavy taxes on digital assets, and its central bank has tried to ban cryptocurrency. The U.K. and other countries are taking a hard stance on crypto regulation. This could open the door for Dubai to attract more businesses.

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Latest News
PRESS RELEASES