Bybit Expanding Beyond Crypto With New “MyBank” Banking Services and Personal IBAN Accounts

Bybit, one of the world’s biggest cryptocurrency exchanges by trading volume, is preparing a major expansion that moves it closer to what everyday users think of as a “bank.” Instead of focusing only on buying, selling, and holding crypto, the company says it plans to launch banking-style services that let customers hold and move fiat currencies like U.S. dollars alongside digital assets.

According to comments from CEO Ben Zhou in an interview reported by Bloomberg and summarized by PYMNTS, Bybit’s upcoming product will be called “MyBank”. The idea is simple: when money lands in your account—whether it’s pounds, dollars, euros, or another supported currency—you can keep it as cash-like balance, send it out like a normal transfer, or quickly move it into crypto if you want.

What Bybit Announced: “MyBank” Accounts With Fiat Balances

Bybit says it plans to begin offering accounts that allow users to hold balances in U.S. dollars and other fiat currencies. This is a big shift because many crypto platforms have traditionally been “crypto-first,” meaning users mainly hold digital assets, and fiat is treated as something you deposit and withdraw, not something you keep as a true ongoing balance.

Under the new plan, Bybit’s “MyBank” accounts are expected to include features people usually associate with standard financial services, including:

• Fiat balances held inside the account (not just temporary deposits)
• Multi-currency transfers so customers can send and receive money in different currencies
• Banking identifiers that work across borders for smoother transfers

Bybit’s leadership describes this as an “update” that makes moving between fiat and crypto more seamless. Zhou explained that once a customer’s pound or dollar arrives, they can choose to transfer it into crypto right away—making the fiat-to-crypto step feel more like a simple option inside one account rather than a separate process.

Why IBAN Matters: The “Personal Account Number” for Cross-Border Banking

One of the most important details is that these accounts are expected to come with an International Bank Account Number (IBAN). An IBAN is widely used in many regions (especially Europe and surrounding areas) to identify bank accounts for transfers. In plain terms, it’s a standardized account number format designed to make cross-border payments easier and less error-prone.

Bybit’s plan is for “MyBank” accounts to include an IBAN so customers can transfer funds in and out in multiple currencies. PYMNTS reports that the accounts would allow customers to move 18 currencies in and out of the platform.

This matters because IBAN support often signals that a service is trying to feel like “real banking infrastructure,” not just a crypto wallet. If Bybit can deliver a working multi-currency account with IBAN, it could reduce friction for users who want to:

• Get paid in fiat and keep it in the same app where they manage crypto
• Send money internationally without jumping between multiple providers
• Move value between fiat and crypto depending on market conditions or personal needs

Expected Timeline: February 2026 Launch, Pending Regulatory Approval

Timing is another key point. Bybit’s CEO said the accounts are expected to go live next month, as long as the company receives approvals from regulators. PYMNTS reported the plan on January 29, 2026, meaning the intended rollout window points toward February 2026.

That “pending approvals” phrase is doing a lot of work. Banking-style products touch stricter rules than typical crypto exchange services, especially when they involve fiat custody, money transmission, and cross-border transfers. In practice, this means timelines can shift. Still, even announcing an expected near-term launch suggests Bybit believes it has a workable path—likely through partnerships and regulatory frameworks already in motion.

Is Bybit Becoming a Neobank? The Revolut and Robinhood Comparison

PYMNTS noted that Bloomberg compared Bybit’s move to the “neobank territory” occupied by companies such as Revolut and Robinhood. The comparison is interesting because the direction is reversed:

• Revolut and Robinhood started with banking/trading and later added crypto features.
• Bybit started as a crypto platform and is now adding banking-like features on top.

That reversal tells you something important about the market: it’s getting harder to keep “crypto” and “traditional finance” in separate boxes. Users increasingly expect a single app to handle spending, transfers, savings-like balances, investing, and digital assets. Bybit appears to be aiming for that “all-in-one financial app” identity, especially for cross-border and multi-currency customers.

If you want to understand the neobank comparison at a basic level, think of a neobank as a digital-first financial service that tries to make banking simpler through apps, better user experience, and global-ready features. Revolut is often discussed in that category because it provides multi-currency accounts and app-based financial tools.

For readers who want official background on Revolut, you can review the company overview here: Revolut (official website).

Bybit’s Scale: 81+ Million Customers and “200+ Markets”

Bybit’s size is a major reason this announcement is being taken seriously. PYMNTS reported that Bybit has more than 81 million customers and operates across 200-plus markets. That global footprint matters because cross-border users are often the ones who feel the pain of slow transfers, limited currency options, and expensive fees. If Bybit can combine crypto rails with fiat account features in a compliant way, it could appeal strongly to that global audience.

Bybit’s CEO also said the exchange has partnerships with nearly 2,000 banks, suggesting it already has deep connections to the banking system even while it’s known as a crypto platform. Whether those partnerships directly power “MyBank” or simply reflect broader payment and settlement relationships, they hint that Bybit’s strategy is built around working with (not just competing against) traditional finance infrastructure.

What This Could Mean for Everyday Users

So what changes for a typical user if “MyBank” works the way Bybit describes? The biggest shift is convenience: fewer steps between “normal money” and “crypto money.” Instead of using separate providers—one for banking, another for crypto—users may be able to handle key tasks inside one platform.

Here are practical use cases that “MyBank” could support if implemented as described:

1) Receiving Fiat and Keeping It Available

Many users don’t want to convert every paycheck or incoming transfer into crypto. A fiat balance lets them keep funds stable and spendable while still being close to crypto features when they want them.

2) Cross-Border Transfers in Multiple Currencies

Support for an IBAN and 18 currencies suggests an ambition to be a serious option for international transfers, whether for work, family support, or global business.

3) Fast Switching Between Fiat and Crypto

Zhou highlighted the idea that once fiat arrives, users can choose to transfer it into crypto. That could appeal to users who actively manage exposure—moving into crypto during certain market conditions, and back to fiat when they want less volatility.

Of course, it’s important to note that ease-of-use doesn’t remove risk. Crypto prices can move quickly, and the regulatory protections around crypto and banking aren’t always identical. But from a product-design perspective, Bybit is clearly aiming to make the experience feel more like modern digital finance and less like a “separate crypto world.”

Institutional Ambitions: Custody and Tokenized Real-World Assets

Bybit’s banking push is not the only expansion mentioned. PYMNTS reported that Zhou also discussed introducing a custody product for institutional investors involved in tokenizing real-world assets (often shortened to “RWA tokenization”).

Custody is a big deal in institutional finance. Large investors—like funds or corporations—usually need specialized services to store assets securely, meet compliance requirements, and support auditing. Bybit signaling interest in custody suggests it wants a deeper role in the “grown-up” side of crypto markets, where compliance, risk management, and infrastructure matter as much as trading volume.

Tokenization of real-world assets is a major theme in finance right now because it aims to represent things like bonds, funds, real estate, or other assets as blockchain-based tokens. The promise is better settlement speed, new forms of liquidity, and more transparent ownership records—although real-world implementation varies widely depending on jurisdiction and regulation. PYMNTS explicitly tied Bybit’s institutional custody plans to this tokenization trend.

What Bybit Says It Won’t Do: Prediction Markets

Interestingly, the report also mentioned what Bybit does not plan to pursue. Zhou said the exchange has no plans to enter the prediction market space, describing “a lot of compliance challenges” in that area. He also noted that those challenges help explain why centralized exchanges haven’t been launching these products at scale.

This is a revealing detail. It shows that even as Bybit expands, it is still choosing its battles. Some product categories may be popular, but if they create regulatory or compliance risk that’s too hard to manage, major platforms may decide the upside isn’t worth it.

The Shadow in the Background: The $1.5 Billion Hack

No serious discussion of Bybit’s move toward banking-style services is complete without mentioning trust and security. PYMNTS reported that Bybit suffered a historic hack “early last year,” in which $1.5 billion was stolen. The report said the company had to borrow from other platforms and use treasury funds to make customers whole.

PYMNTS also cited blockchain analytics platform Chainalysis’ roundup of crypto thefts for 2025, noting that the Bybit hack accounted for nearly half of the $3.4 billion in thefts recorded from January through September in that tally.

For users, this history creates a natural question: if Bybit wants to be “more bank-like,” how will it raise the bar on security, risk controls, and operational resilience? The company’s ability to reimburse customers after the hack may help its reputation in one way, but the event also highlights the high stakes involved when platforms manage large pools of customer funds.

Why This Move Fits the Bigger Trend: Crypto and Banking Converging

PYMNTS framed Bybit’s announcement as part of a broader pattern: digital assets are being integrated more and more into the banking world. Instead of crypto being a “fringe” tool used only by niche communities, it is slowly becoming part of mainstream finance—through custody services, tokenization experiments, regulated stablecoin activity, and new payment and settlement approaches.

In fact, PYMNTS referenced a report describing last year’s big story as one of “structural adoption, regulatory articulation and financial integration,” signaling crypto’s migration toward the “core of financial architecture.” In simpler words: crypto is trying to grow up, and companies that want to last are adapting their products accordingly.

Bybit’s “MyBank” plan fits this storyline. If crypto exchanges want to become everyday financial platforms, they need to offer services people use daily—accounts, transfers, and safe storage—not only speculative trading. At the same time, if they want the privileges of mainstream finance, they also inherit the responsibilities: compliance, customer protection expectations, stronger identity checks, and operational stability.

Potential Benefits and Challenges Ahead

Potential Benefits

• Smoother user experience: One place to manage fiat and crypto can reduce friction.
• Multi-currency convenience: Supporting 18 currencies could help global users.
• Competitive differentiation: If Bybit can execute well, it may stand out among exchanges that remain “crypto-only.”
• New revenue streams: Banking-like services may unlock fee models beyond trading.

Challenges

• Regulatory complexity: Banking features often trigger stricter oversight and licensing needs.
• Security expectations: After a major hack, the market will scrutinize safeguards.
• Partner dependence: Banking-style capabilities may rely on partner banks and infrastructure, which can shape what features are possible and where they can be offered.
• User trust: To be “bank-like,” Bybit must persuade users that funds are handled with bank-level seriousness.

FAQs About Bybit’s Banking Expansion

1) What is Bybit’s “MyBank”?

“MyBank” is the name Bybit is using for new banking-style accounts that are expected to let users hold fiat balances like U.S. dollars and transfer money in multiple currencies.

2) When is “MyBank” expected to launch?

Bybit’s CEO said the service is expected to go live next month after the January 29, 2026 report, which points to February 2026—pending regulatory approvals.

3) What is an IBAN, and why is it important here?

An IBAN is an International Bank Account Number used to identify accounts for transfers in many countries. Bybit says “MyBank” accounts will come with an IBAN to support multi-currency transfers more like a traditional bank account.

4) How many currencies will Bybit support for transfers?

Bybit’s CEO said the accounts would allow customers to transfer 18 currencies in and out.

5) Is Bybit turning into a neobank like Revolut?

PYMNTS reported that Bloomberg compared Bybit’s move to neobank territory, similar to companies like Revolut and Robinhood. The key difference is that those companies added crypto after banking/trading, while Bybit is adding banking features after starting in crypto.

6) Is Bybit planning to enter prediction markets?

No. The CEO said Bybit is not planning to enter prediction markets due to compliance challenges, noting that these issues help explain why centralized exchanges haven’t broadly launched those products.

7) How does Bybit’s past hack relate to this announcement?

PYMNTS reported that Bybit suffered a major hack in which $1.5 billion was stolen, and the company used borrowing and treasury funds to make customers whole. This history raises the bar for trust and security as Bybit moves toward handling more fiat-like banking functions.

Conclusion: A Clear Signal That Crypto Platforms Want to Become “Everyday Finance”

Bybit’s planned “MyBank” accounts are more than a small feature update—they’re a signal of where crypto platforms think the future is heading. The exchange is betting that users want one place to hold fiat, transfer money across borders, and move into crypto when it makes sense. If the promised IBAN support and 18-currency transfers arrive on schedule (and with regulatory approval), this could be a meaningful step toward the “super app” model of finance.

At the same time, Bybit will need to prove it can meet higher expectations in compliance, safety, and reliability—especially given the industry’s hard lessons from major hacks. Still, if Bybit can execute well, this expansion could mark a turning point: a crypto exchange evolving into a more complete financial platform, built for how people actually move and manage money in a global, digital world.

#Bybit #CryptoNews #FinTech #DigitalBanking #SlimScan #GrowthStocks #CANSLIM