Crypto exchange Bybit has reaffirmed its commitment to the Middle East amid growing global conflict, announcing the appointment of a new country manager to expand its presence in the Middle East and North Africa (MENA) region.
Tensions in the Middle East rose last month after the US and Israel attacked Iran. In response, Iran retaliated against several neighboring countries, including the United Arab Emirates (UAE), where Bybit maintains a significant regional presence.
Bybit co-CEO Helen Liu said the company has no plans to scale back its Middle East operations in light of the dispute.
“Some companies are currently re-evaluating their Gulf exposure. We are doing the opposite. We are deepening our presence, our investment and our commitment to the region,” he said.
“We continue to invest in local talent, regulatory compliance, and community partnerships. The UAE’s vision to become the world’s leading digital asset hub has not been diminished by this crisis. If anything, the nation’s resilience only reinforces why we chose to build here.”
Cryptocurrencies are often used in times of crisis, as citizens seek to protect their assets amid fears of instability in the traditional banking system.
Iran’s leading crypto exchange Nobitex saw a sharp increase in withdrawals immediately after the attacks on Tehran.
Bybit Appoints New MENA Country Manager
Derek Dye has been appointed Bybit’s new country manager in the MENA region, the exchange announced. His role will include overseeing market expansion, regulatory support, institutional partnerships and local product development.
Related: The central bank of the United Arab Emirates says the financial system is stable amid missile and drone attacks.
Bybit said it has also implemented a number of measures to protect its UAE-based employees, including daily check-ins, real-time security verification and relocation or travel assistance.
Dai said the Middle East is becoming an important region for the future of crypto. In the coming months, Bybit will focus on expanding access to the UAE dirham and building partnerships with banks and payment providers.
“Our priority is close cooperation with financial centers such as DIFC (Dubai International Financial Centre), and DMCC (Dubai Multi-Commodity Centre),” he said.
Adding that Bybit also wants to “strengthen the infrastructure that connects digital assets to everyday financial services and drive the development of tokenized real-world assets that bridge traditional finance and the digital asset economy.”
About 1,800 crypto companies operate in the UAE, employing more than 8,600 people. Abu Dhabi, the capital of the United Arab Emirates, also saw a 67 percent increase in new licenses issued in the ADGM Financial Free Zone in early 2025 compared to 2024.
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