Dubai-headquartered crypto exchange Bybit has become the world’s second-largest crypto exchange, surpassing Coinbase in trading volume in March, trailing only Binance, Bloomberg reports, citing a report from crypto research firm Kaiko. The exchange rose after doubling its market share to 16% in March from 8% in October, following the introduction of spot Bitcoin exchange-traded funds (ETFs) in the US.

Background: Bybit moved its headquarters from Singapore to Dubai in 2023, a year after it obtained in-principle approval to operate in the UAE from Dubai’s Virtual Assets Regulatory Authority (VARA).

The UAE and the US are seeing eye to eye on how AI technologies are being pushed forward, UAE AI and Digital Economy State Minister Omar Al Olama told CNN. The UAE is a riskfree, “trustworthy” partner, Al Olama said, “especially since there’s a lot of cutting-edge American technology that is in the UAE.” The comments are a response to US concern over potential security threats that could come from moving advanced chip technology from the region to China.

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