Crypto.com, Bybit Announce Plans to Set Up Operations in Dubai

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Skyscrapers in Dubai, United Arab Emirates.

Photographer: Christopher Pike/Bloomberg

Cryptocurrency exchanges Bybit and CRYPTO.COM announced plans to set up operations in Dubai, as the emirate steps up efforts to attract companies in the fast-growing industry. 

Crypto.com said in a statement on Monday that it will set up a regional base in Dubai, and plans to establish a “significant” presence there. Bybit will move its global headquarters to the emirate, with operations starting as early as next month, after receiving in-principle approval to conduct a “full spectrum” of virtual-assets business in the United Arab Emirates, it said in a blog post

The exchanges join global rivals like BINANCE Holdings Ltd. and FTX in expanding in the UAE, which is seeking to develop a crypto-friendly reputation even as other financial centers tighten oversight. Singapore, where Crypto.com is based, earlier this year instructed crypto companies to refrain from consumer-facing marketing in a bid to limit speculation in digital assets.  

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