Cryptocurrency exchange Bybit has announced a strategic expansion into retail banking services with the launch of "MyBank," a product that will provide users with personal IBAN accounts for fiat currency management. The service is scheduled to go live in February 2026, pending final regulatory approvals.
The MyBank service will allow users to hold, send, and receive fiat currencies directly on the Bybit platform. At launch, it will support the United States dollar and a range of other fiat currencies across 18 different options. Users will be able to deposit funds, pay bills, receive salaries, and convert balances to cryptocurrency seamlessly within a single application, eliminating the need for third-party on-ramp services.
Bybit CEO Ben Zhou announced the offering during a January 29 online keynote, revealing that the exchange has partnered with several licensed banks to enable the service. Key banking partners include Qatar National Bank (QNB), DMZ Finance, and Pave Bank, a startup lender licensed in Georgia. This partnership structure is designed to address regulatory compliance requirements and ensure proper custody of user funds.
The move represents a significant strategic shift for Bybit, which aims to transform from a pure trading venue into an integrated financial hub for users' daily activities. "Bybit no longer intends to be just a trading venue. The goal is to integrate daily financial activities," according to the announcement. This expansion follows Bybit's recent initiatives including crypto card launches, real-world asset custody tools, and enhanced fiat channels in various geographic regions.
In parallel with the retail banking launch, Bybit also plans to introduce a new custody product targeting institutional clients, particularly banks and large investors involved in tokenizing real-world assets like stocks or property. However, Zhou confirmed the exchange has no plans to enter the predictions market due to compliance challenges.
Regarding regulatory considerations, Bybit acknowledges that approvals could affect rollout timelines, with some regions potentially having limited access initially. The exchange has recently faced regulatory adjustments in certain markets, including stopping new user onboarding in Japan since October 2025 to align with the country's Financial Services Agency requirements.
Looking ahead, Bybit is exploring entry into the U.S. market under the current pro-crypto administration and is in talks with major banks while preparing for a potential public listing in the United States. The exchange recently launched Kazakhstan's first regulated peer-to-peer trading platform in November 2025.
