Crypto exchange Bybit has reaffirmed its commitment to the Middle East amid heightened global conflict, announcing the appointment of a new country manager to increase its presence in the Middle East and North Africa (MENA) region.
Tensions in the Middle East escalated last month after the US and Israeli attacks on Iran. In response, Iran retaliated against several neighboring countries, including the United Arab Emirates (UAE), where Baybit maintains a large regional presence.
Helen Liu, co-CEO of Bybit, said the company has no plans to scale back its operations in the Middle East in light of the conflict.
“Some companies are currently reassessing their influence in the Persian Gulf. We are doing the opposite. We are deepening our presence, investment and commitment to the region,” he said.
“We will continue to invest in local talent, compliance and community partnerships. The UAE’s vision to become the world’s digital asset center will not be diminished by this crisis. If anything, this nation’s resilience demonstrates why we chose to build here.”
Cryptocurrencies are often used in times of crisis, as citizens want to keep their assets out of fear of instability in traditional banking systems.
Iran’s leading cryptocurrency exchange Nobitex has experienced a sharp increase in outflows since the strikes on Tehran.
Bybit appoints new MENA manager
The exchange announced that Derek Dye has been appointed as the new country manager for Bybit in the MENA region. His role will include overseeing market expansion, regulatory cooperation, institutional partnerships and local product development.
related to: The central bank of the UAE said that the financial system is stable in the background of missile and drone attacks
Bybit said it has also implemented a number of measures to protect UAE employees, including daily check-ins, real-time security verification and relocation or travel support.
Dai said that the Middle East is becoming an important region for the future of crypto. Over the coming months, Bybit will focus on expanding access to the UAE dirham and building partnerships with banks and payment providers.
“Our priority is to deepen cooperation with financial centers such as DIFC (Dubai International Financial Center) and DMCC (Dubai Multicommodities Center),” he said.
In addition, Bybit also wants to “promote the infrastructure that connects digital assets with everyday financial services and the development of real-world assets that connect traditional finance and the economy of digital assets.”
There are approximately 1,800 crypto companies operating in the UAE, employing more than 8,600 people. Abu Dhabi, the capital of the United Arab Emirates, also saw a 67% increase in new licenses issued in the ADGM financial free zone at the start of 2025 compared to 2024.
Magazine: The Debate About Bitcoin’s Four-Year Cycle Is Over: Benjamin Cowen
