Crypto exchange Bybit’s latest financial move could be considered noteworthy, especially as it has announced plans to roll out MyBank, a retail banking service on its platform.
The crypto exchange’s MyBank is expected to launch in February 2026, announced Bybit CEO Ben Zhou during an online keynote titled ‘Keynote with Ben.’ Today, traditional institutions like banks are leaping into decentralized financing (DeFi), but Bybit is playing a reverse role by linking crypto to traditional digital finance. That said, the core idea is to seamlessly convert fiat to crypto within the app.
So, what’s MyBank offering to users?
As stated above, Bybit’s MyBank is clearly for retail banking accounts, meaning it is for everyday individuals to hold, send, and receive traditional money, as in a traditional financial system.
However, the online bank will be connected to the crypto ecosystem of the platform, and does not act as a separate bank. In other words, the banking option sits inside the Bybit app.
As such, users do not have to move to a different platform to move funds between their Bybit crypto trading account and their MyBank account. Both accounts stay inside one platform. This makes it easier for users to swiftly use fiat currencies that they deposit into their MyBank account for buying cryptocurrencies on their trading accounts.
Bybit to implement MyBank with assistance from other banks
According to an official statement, Bybit will allow users to hold USD, AED (UAE Dirham), and nearly 17 other fiat currencies with personal IBANs (International Bank Account Number) for global transfers.
Bybit’s upcoming banking service is, however, managed by regulated partner banks, especially in the UAE. Worth noting, Bybit’s move into fiat banking is becoming crystal clear.
Under the Capital Market Authority of the UAE, the crypto platform enabled direct AED deposits for eligible users, with a reward pool of 750,000 AED. This recognition from the UAE comes as it became the first crypto exchange to score a regulatory approval in the country.
According to blockchain analyst Przemysław Paczoski, Bybit – the second largest crypto exchange by market cap – is partnering with Pave Bank, a Singapore-based programmable bank, to enable the banking facilities.
Bybit is also eyeing expanding its services to the US. Besides being an online bank, the crypto exchange has plans to launch custody products for institutional clients, said Ben Zhou.
Bybit is breaking ground in a different way
Bybit is not the only crypto platform offering banking-style services. Kraken crypto exchange has a peer-to-peer payments app — Krak — that allows for both crypto and fiat transfers. To note, Kraken has not come up with full digital bank accounts globally.
Meanwhile, Binance delivers fiat wallets and cards, but not online bank accounts. In brief, several crypto platforms have rolled out several banking-style features, such as cards and wallets.
However, Bybit’s upcoming MyBank can be considered a debut venture that no other platforms have yet approached: an IBAN-style online bank in a crypto ecosystem.
