Bybit Reports 50% Increase in Users, Establishes Global Headquarters in Dubai

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 Headquarters at Dubai World Trade Center

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

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.