Bybit Breaks Into Banking, Launches “MyBank” With IBAN and Multi-Currency Fiat Accounts
Bybit Plans to Launch Banking Services With “MyBank” Accounts Offering Fiat and IBAN Access
Crypto exchange Bybit is preparing to expand beyond digital assets by introducing banking-style services that allow users to hold and transfer traditional fiat currencies, marking another step in the convergence between crypto platforms and the global financial system.
The initiative, branded as “MyBank,” is expected to enable eligible users to hold U.S. dollars and other fiat currencies directly within their Bybit accounts. According to information confirmed through industry sources and highlighted by Coin Bureau via its official X account, the service is planned to go live as early as February, pending regulatory approvals.
Hokanews has reviewed the available information and is quoting the confirmation in line with standard journalistic practices.
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| Source: XPost |
A Major Shift in Bybit’s Product Strategy
Bybit has built its reputation as one of the world’s largest cryptocurrency derivatives and spot trading platforms. The move into banking services signals a strategic shift toward becoming a more comprehensive financial platform rather than a pure crypto exchange.
With MyBank, Bybit aims to offer users features traditionally associated with digital banks, including the ability to store fiat currencies, access International Bank Account Numbers (IBANs), and conduct cross-border transfers across multiple currencies.
The planned service is expected to support transfers in up to 18 different currencies, a feature that could appeal to international users who rely on frequent cross-border payments.
What MyBank Accounts Are Expected to Offer
According to early details, MyBank accounts would allow users to hold fiat balances alongside their crypto assets within the Bybit ecosystem. Users would also receive IBANs, enabling them to send and receive bank transfers in regions where IBAN infrastructure is widely used.
This functionality could significantly reduce friction for users moving funds between traditional banks and crypto markets. Instead of relying on third-party payment processors, users may be able to manage both fiat and digital assets in a single interface.
Bybit has indicated that the service will be launched in partnership with established banking institutions, though specific partners have not been publicly named.
Regulatory Approval Remains a Key Factor
The rollout of MyBank is contingent on regulatory approvals in relevant jurisdictions. Banking services involving fiat custody and international transfers are subject to stricter compliance requirements than crypto trading alone.
These include know-your-customer checks, anti-money laundering standards, and ongoing regulatory oversight. Bybit’s partnership with licensed banks is expected to play a central role in meeting these obligations.
Industry analysts note that regulatory approval timelines can vary significantly by region, which could influence the scope and pace of the rollout.
Coin Bureau Confirmation Brings Clarity
The development gained broader attention after Coin Bureau referenced the upcoming service in a post on X, confirming that Bybit is preparing to offer banking-style accounts with fiat and IBAN functionality.
While Bybit has not yet released a detailed public statement outlining all features of MyBank, the confirmation has been sufficient to validate earlier speculation circulating within the crypto community.
Hokanews cites Coin Bureau’s confirmation as part of its verification process, consistent with how media outlets corroborate emerging financial news.
Bridging Crypto and Traditional Finance
The launch of MyBank reflects a broader trend in the crypto industry. Exchanges are increasingly seeking to integrate traditional financial services to retain users and expand revenue streams.
By offering fiat accounts and payment infrastructure, crypto platforms can reduce reliance on external banks and payment providers, which have historically been points of friction for users.
This approach also positions exchanges to compete more directly with digital banks and fintech platforms, blurring the lines between crypto-native services and conventional finance.
Potential Benefits for Users
For users, the appeal of MyBank lies in convenience and efficiency. Holding fiat and crypto assets in one place could streamline portfolio management and reduce transaction delays.
IBAN access may also simplify salary payments, international transfers, and everyday financial activities for users who operate across borders. For traders, faster movement of funds could translate into quicker access to market opportunities.
However, the benefits will depend heavily on fees, transfer limits, and regional availability, details that have not yet been fully disclosed.
Risks and Challenges Ahead
Despite its potential, the move into banking services carries risks. Custody of fiat funds introduces additional operational and regulatory responsibilities, as well as heightened scrutiny from financial authorities.
There is also the question of user trust. While Bybit is well known within the crypto community, banking services demand a different level of reliability and transparency.
Any service disruptions, regulatory setbacks, or security incidents could have broader implications than those typically associated with crypto trading alone.
Competition in a Crowded Market
Bybit is not alone in pursuing this strategy. Several major crypto exchanges and fintech firms have already launched or announced similar services, offering fiat accounts, debit cards, and payment solutions.
As competition intensifies, differentiation will likely depend on user experience, pricing, regulatory coverage, and integration with existing crypto products.
Bybit’s global user base and strong trading infrastructure could provide an advantage, but execution will be critical.
Timing and Market Conditions
The planned February rollout comes at a time when crypto markets are experiencing renewed institutional interest alongside continued regulatory scrutiny.
As governments and regulators seek greater oversight of digital asset platforms, exchanges offering compliant fiat services may be better positioned to adapt to evolving rules.
For Bybit, launching MyBank during this period could strengthen its standing as a more mature and regulated financial platform.
What to Watch Next
In the coming weeks, market participants will be watching for official announcements from Bybit detailing supported regions, fees, banking partners, and compliance frameworks.
The scope of the initial rollout and the speed of regulatory approvals will provide important signals about how ambitious the MyBank initiative truly is.
If successful, the launch could mark a turning point in Bybit’s evolution and further accelerate the integration of crypto exchanges into the traditional financial system.
For now, the planned introduction of MyBank underscores a clear trend. Crypto platforms are no longer content to exist on the fringes of finance. They are moving closer to the core.
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Writer @Ethan
Ethan Collins is a passionate crypto journalist and blockchain enthusiast, always on the hunt for the latest trends shaking up the digital finance world. With a knack for turning complex blockchain developments into engaging, easy-to-understand stories, he keeps readers ahead of the curve in the fast-paced crypto universe. Whether it’s Bitcoin, Ethereum, or emerging altcoins, Ethan dives deep into the markets to uncover insights, rumors, and opportunities that matter to crypto fans everywhere.
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