Dubai-based cryptocurrency exchange Bybit, the world’s second-largest by trading volume, is poised to redefine its business model with the impending launch of MyBank accounts. Set to debut in February pending regulatory nods, these accounts will enable users to hold U.S. dollars, pounds, and balances in up to 17 other fiat currencies, complete with personal International Bank Account Numbers for seamless cross-border transfers. Bybit CEO Ben Zhou described the innovation during a recent keynote: “The moment that your pound or US dollar arrives, you can choose to transfer it to crypto. That’s a huge update.”

The service, branded “My Bank powered by Bybit,” requires users to complete know-your-customer verification run jointly by Bybit and its banking partners, granting immediate access to deposit fiat, pay bills, receive salaries, and trade digital assets under their own names. Initial support starts with USD, expanding thereafter, across 18 currencies total for inflows and outflows. This positions Bybit as a hybrid financial powerhouse, flipping the script on fintechs like Revolut and Robinhood that grafted crypto onto established banking rails.

Bybit’s move comes amid surging institutional interest, with its assets under management in the wealth arm ballooning fivefold to $200 million in the fourth quarter of 2025, and inflows climbing from $1.3 billion to $2.88 billion over the same period. The platform now serves over 81 million users across more than 200 jurisdictions, bolstered by partnerships with nearly 2,000 banks worldwide.

Strategic Partnerships Fuel the Expansion

Central to MyBank’s rollout is a collaboration with Pave Bank, a startup lender licensed in Georgia, alongside mentions of Qatar National Bank and DMZ Finance for tokenized asset ventures. “Bybit users can have their own personal IBAN to receive money and transfer assets out,” Zhou explained, highlighting options to allocate incoming funds to fiat holdings or direct crypto conversion. The compliance team anticipates approvals next month, enabling users to bypass traditional on-ramps fraught with delays and fees.

This banking pivot builds on Bybit’s prior fiat integrations, such as direct channels with Bank CenterCredit in Kazakhstan for tenge deposits and withdrawals, and Bybit Pay’s linkage to Peru’s digital wallets. In Europe, compliance with the Markets in Crypto-Assets Regulation via its Vienna entity underscores a maturing regulatory posture. Yet, the February timeline hinges on green lights from authorities, a detail echoed across reports.

Bybit’s global footprint gives it an edge, as Zhou noted in talks with Bloomberg: the firm has “been building out its payments offering,” now culminating in neo-bank capabilities that let users “buy a car, pay for an apartment, and things like that — no hassle,” per his Cointelegraph-cited remarks.

Navigating Security Shadows and Recovery

The announcement arrives a year after Bybit endured a seismic $1.5 billion hack in February 2025, attributed to North Korea’s Lazarus Group, which pilfered mostly Ether and derivatives. The breach triggered a $4 billion “bank run,” totaling $5.5 billion in outflows, yet Bybit covered all client losses using treasury funds and partner loans, maintaining zero downtime through “radical transparency.” Post-incident, the exchange rolled out over 50 security upgrades following nine audits.

Resilience shone through: trading volume rebounded, user base swelled to over 82 million, and innovations proliferated, including tokenized gold via XAUT, xStocks for on-chain U.S. equity exposure, and a custody product for institutional tokenization of real-world assets like property and stocks. “Crypto is the infrastructure for the new financial system,” Zhou asserted in a livestream, framing MyBank as a bridge to everyday finance.

Competitors loom large—Binance filed for a Markets in Crypto-Assets license in Greece and eyes stock trading revival—but Bybit differentiates via derivatives dominance and RWA focus. It relaunched in the UK last December via FCA-regulated Archax, offering spot and P2P trading.

U.S. Ambitions and Regulatory Horizons

Eyeing the U.S., Bybit requires a licensed partner for entry, with Zhou confirming it’s “looking into” expansion and viewing a public listing as a “long-term goal… we are getting more and more prepared.” Discussions with major banks for listing advice signal serious intent, especially under a pro-crypto U.S. administration. MyBank’s Georgia tie via Pave Bank hints at groundwork.

Broader plays include eschewing prediction markets due to “a lot of compliance challenges,” despite their buzz, and pushing tokenized assets with Mantle. Institutional inflows underscore momentum, positioning Bybit to capture flows as crypto converges with traditional finance. As Zhou put it to The Block: the accounts let users “hold U.S. dollars, pounds, and other fiat currencies and move funds across borders.”

Challenges persist—regulatory hurdles, past hacks’ stigma—but MyBank embodies Bybit’s evolution from derivatives specialist to full-spectrum financier. With 18-currency IBANs enabling instant fiat-crypto swaps, it erases on-ramp friction, potentially accelerating mainstream adoption for its vast user base.

Industry Ripples and Competitive Pressures

Bybit’s thrust mirrors peers: OKX launched a U.S. exchange post-DOJ settlement; Tether rolled out USAT stablecoin. Yet Bybit’s scale—second to Binance—and global reach via 2,000 bank ties set it apart. CoinDesk notes the reversal of fintech trajectories, with crypto natives now layering banking atop trading.

Institutional products like the new custody solution target banks tokenizing RWAs, aligning with Zhou’s 2026 vision of “dominance in RWA trading… and on-chain capital.” Private wealth management delivered 20.3% APR in 2025 despite market headwinds, via high-yield USDT strategies.

This fusion of fiat rails and crypto infrastructure could reshape user acquisition, retention, and flows. As Bybit’s compliance team races for approvals, MyBank stands as a litmus test for whether exchanges can truly supplant—or symbiotic with—traditional banks in the digital age.