Crypto exchange Bybit has reaffirmed its commitment to the Middle East amid escalating 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 Israel launched strikes on Iran. In response, Iran retaliated against several neighboring countries, including the United Arab Emirates (UAE), the United Arab Emirates (UAE), where Bybit maintains a major regional presence.
Helen Liu, co-CEO of Bybit, said the company has no plans to scale back its Middle East operations in light of the conflict.
“Some companies are reassessing their Gulf exposure right now. We are doing the opposite. We are deepening our presence, our investment, and our commitment to this region,” she said.
Cryptocurrencies are often used in times of crisis, as citizens look to preserve their assets amid fears of instability in traditional banking systems.
Iran’s leading crypto exchange Nobitex experienced a sharp rise in withdrawals soon after strikes on Tehran.
Crypto outflows on Nobitex spiked within minutes of the strikes on Tehran. Source: EllipticBybit appoints new MENA country manager
Derek Dai has been appointed the new country manager for Bybit in the MENA region, the exchange announced. His role will include overseeing market expansion, regulatory collaboration, institutional partnerships and localized product development.
Related: UAE central bank says financial system stable amid missile and drone attacks
Bybit said it has also implemented several measures to protect its UAE-based employees, including daily check-ins, real-time safety confirmations and relocation or travel support.
Dai said the Middle East is becoming a pivotal region for the future of crypto. Over the coming months, Bybit will focus on expanding access to the United Arab Emirates dirham and forging partnerships with banks and payment providers.
“Our priority is to deepen collaboration with financial centers such as the DIFC [Dubai International Financial Centre], and the DMCC [Dubai Multi Commodities Centre],” he said.
Adding that Bybit also wants to strengthen “the infrastructure that connects digital assets with everyday financial services and advancing the development of tokenized real-world assets that bridge traditional finance and the digital asset economy.”
Roughly 1,800 crypto companies operate in the UAE, employing more than 8,600 people. Abu Dhabi, the UAE’s capital, also saw a 67% increase in new licenses issued in the ADGM financial free zone at the start of 2025 compared with 2024.
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