Norton Rose Fulbright advises Bybit on entry into UAE market
Norton Rose Fulbright’s Dubai and Hong Kong offices have advised cryptocurrency exchange Bybit on entering the UAE market.
Bybit is the world’s third most visited cryptocurrency exchange and one of a limited number of crypto-related businesses with operations in the UAE. It offers online spot and derivatives trading services, mining and staking products, and API support, to retail and institutional clients around the world.
Norton Rose Fulbright assisted Bybit in setting up new locations for its technology and software business, investment arm and headquarters in the UAE freezones DWTC and DIFC. The firm’s FinTech practice advised the company on crypto-related issues and technology support, and infrastructure activities. The Dubai office, led by Jonathan Burton and Kayaan Unwalla, also led the negotiations with the relevant regulators for the establishment of business in the region.
Jonathan Burton, corporate counsel at Norton Rose Fulbright Dubai, said, “We are delighted to have been able to assist Bybit in establishing a presence in the UAE. This is an exciting new sector, in which there is a huge amount of opportunity, and we look forward to seeing its continued growth across the region in the coming months.”
Ben Zhou, Bybit co-founder and CEO, said, “We are excited to be serving global users from our new home in the UAE via the Bybit platform, a one-stop crypto destination. The UAE’s forward-thinking vision to establish itself as a global digital hub is a great fit with Bybit’s culture of innovation. Norton Rose Fulbright’s advice has been instrumental in helping Bybit achieve this license, it is a pleasure working with them. They are highly client oriented, quick to come up with solutions and can be counted on to deliver under the most stressful situations.”
Harold Tin, corporate partner at Norton Rose Fulbright Hong Kong, said, “We are honoured to be Bybit’s trusted advisors in expanding its global footprint. Advising our FinTech clients on their expansion into the region marks an exciting milestone in our global service offering.”
