TL;DR:
- Bybit appointed Derek Dai as country manager for MENA, seeking to strengthen its position in the UAE amid heightened geopolitical tensions.
- Co-CEO Helen Liu stated that the company will deepen its presence in the Gulf, in contrast to other firms that are scaling back their services in the region.
- Around 1,800 crypto projects operate in the UAE, which saw a 67% rise in new licenses in the ADGM financial free zone during the first quarter of 2025.
Bybit continues to bet on the Middle East and appointed Derek Dai as country manager for the Middle East and North Africa (MENA) region. This decision was described by the company as fully deliberate, made despite the current context of geopolitical tensions.
The exchange, the second largest by trading volume globally, took the initiative days after the United States and Israel launched strikes on Iran, and after Tehran responded with retaliatory attacks that affected neighboring countries, including the United Arab Emirates, where Bybit has its operational headquarters.
Bybit Defies Uncertainty
Helen Liu, co-CEO of Bybit, was categorical about the company’s stance. “Some companies are reassessing their exposure in the Gulf. We are doing the opposite: we are deepening our presence, our investment and our commitment to this region,” she stated. Liu also emphasized that the UAE’s vision of becoming the world’s leading digital asset hub has not been weakened by the crisis, but reinforced by the country’s resilience.
In his new role, Dai will lead Bybit’s regional strategy in MENA, focusing on market expansion, regulatory collaboration, institutional partnerships and the development of localized products. Immediate priorities include broadening access to the UAE dirham, signing agreements with banks and payment providers, and developing products compatible with Islamic finance. “Our priority is to deepen collaboration with financial centers such as the DIFC and the DMCC,” Dai stated.
Infrastructure and Operational Continuity
As the conflict escalated, Bybit activated business continuity protocols at its offices in Dubai and Abu Dhabi, implementing daily management controls, real-time security check-ins for employees and relocation assistance for staff in sensitive areas. The company also partnered with the Emirates Red Crescent during Ramadan to support local community initiatives.
Around 1,800 crypto companies operate in the UAE, employing more than 8,600 people, and Abu Dhabi recorded a 67% increase in new licenses in the ADGM free zone during the start of 2025 compared to the previous year. Bahrain is the next expansion target in the Gulf.
