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Two major crypto exchanges are establishing offices in Dubai

Updated: Jul 25, 2024
Published: Mar 28, 2022
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Crypto.com has announced the establishment of a regional headquarters in Dubai, and Bybit has also announced the relocation of its global headquarters to the city.

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Crypto.com and Bybit set up shop in Dubai

Both exchanges announced their relocation to Dubai during the World Government Summit. The move is a way for Crypto.com, a crypto exchange with 10 million users and 3,000 employees, to expand into the Middle East and Africa. The Dubai offices will employ 100 to 200 people, including engineers, as the company hopes to increase cryptocurrency adoption in the region.

According to Ben Zhou, co-founder and CEO of Bybit, his company has received preliminary approval to operate the full spectrum of the virtual asset business in Dubai. This is more than just a regional office relocation; the company intends to relocate a significant portion of its staff to Dubai beginning in April. The relocation of ByBit's global headquarters to Dubai may be due to increased regulations in Singapore, where the company is currently based.

"We will be moving a significant portion of staff to Dubai from April, as well as hiring local recruitment and talent. Working with regulatory authority here will further strengthen local regulatory framework to share knowledge and expertise," - Ben Zhou, co-founder and CEO of Bybit

Dubai is becoming a more dominant crypto hub

Dubai appears to be attracting more crypto companies from Singapore and the United States, with the United Arab Emirates (UAE) passing its first virtual asset law and offering attractive incentives to companies locating in the city. The UAE government strongly supports this move, believing that the city has the potential to become the leading crypto hub.

The largest crypto exchange Binance, for example, is also expanding into the United Arab Emirates and has obtained a license to operate a virtual asset exchange (VAX) in Dubai, and one of its largest competitors, FTX, is also looking to establish a headquarters in Dubai, similar to Crypto.com.

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