Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is set to revolutionize the way users interact with fiat and crypto through its upcoming “MyBank” feature. Launching in February 2026, this retail banking product promises personal IBAN accounts, seamless multi-currency support, and instant transfers, bridging the gap between traditional banking and digital assets like never before.
What is Bybit’s MyBank Feature?
MyBank powered by Bybit represents a bold step into retail banking services directly integrated with the exchange platform. Announced by CEO Ben Zhou during a January 29 online keynote, the service will allow users to open personal bank accounts complete with their own International Bank Account Number (IBAN). This enables direct sending and receiving of funds across borders in up to 18 different currencies, including the U.S. dollar, pounds, and others.
Unlike traditional crypto on-ramps that rely on cumbersome third-party providers, MyBank eliminates intermediaries. Users can deposit fiat directly into their Bybit accounts, hold it as cash, or instantly convert it to cryptocurrencies. Withdrawals work the same way—funds move smoothly from crypto back to fiat without delays or excessive fees. This direct integration with traditional banking rails makes funding and cashing out as simple as everyday banking transactions.
The feature is designed with user convenience at its core. After completing standard Know Your Customer (KYC) verification, eligible users gain immediate access. They can pay bills, receive salaries in their name, and manage global payments—all under one intuitive dashboard. Bybit’s global footprint, spanning over 200 jurisdictions and partnerships with nearly 2,000 banks, ensures broad accessibility.
Key Features and Benefits for Users
MyBank addresses longstanding pain points in crypto adoption: slow transfers, high fees, and verification hurdles. Here’s what sets it apart:
- Personal IBAN Accounts: Each verified user gets a unique IBAN for seamless cross-border transfers, just like a traditional bank account.
- Multi-Currency Support: Hold and transact in 18 fiat currencies at launch, including USD, AED, and more, with plans for expansion.
- Instant Fiat-Crypto Conversion: Deposit cash and decide on the spot whether to keep it fiat or buy crypto—no waiting periods.
- Zero-Fee Incentives: Promotional offers like zero fees on AED deposits and a 750,000 AED reward pool for eligible UAE users until February 28, 2026.
- Built-in Compliance and Security: Partnerships ensure regulatory adherence, with robust KYC and anti-money laundering measures protecting every transaction.
For everyday users, this means no more navigating complex payment gateways or dealing with volatile exchange rates during transfers. Imagine receiving your salary via IBAN, then instantly swapping a portion into Bitcoin—all within minutes on the Bybit app. Retail traders benefit most, as it streamlines funding during market opportunities without the friction of external processors.
Strategic Partnerships Powering the Launch
Bybit isn’t building MyBank in isolation. The exchange has forged key alliances with established financial institutions to handle custody, compliance, and operations. Notable partners include Qatar National Bank (QNB), DMZ Finance, and Pave Bank, a licensed lender in Georgia. These collaborations provide the regulatory backbone needed for IBAN issuance and fiat handling.
In the UAE, Bybit is rolling out direct AED bank deposits and withdrawals under local regulations, further solidifying its Middle East presence. This regional focus comes with tailored promotions, like the AED reward pool, to drive early adoption. Globally, these partnerships position Bybit to compete with neo-banks while leveraging its crypto expertise.
CEO Ben Zhou emphasized the strategic importance of these ties during his Bloomberg interview. Bybit’s network of nearly 2,000 bank partners worldwide ensures scalability, even as it eyes ambitious expansions like U.S. market entry and a potential public listing.
Bybit’s Broader Vision: Beyond Retail Banking
MyBank is just one piece of Bybit’s evolving ecosystem. The announcement coincides with plans for a new institutional custody product targeting banks and large investors. This service will support tokenization of real-world assets (RWAs), such as stocks and property, bringing traditional finance on-chain.
Bybit has already diversified with crypto cards and peer-to-peer platforms, like Kazakhstan’s first regulated P2P system. Despite challenges—such as halting new user onboarding in Japan for compliance— the exchange continues aggressive growth. Zhou explicitly ruled out entering prediction markets due to regulatory hurdles, focusing instead on compliant, high-value services.
This shift marks Bybit’s transformation from a pure trading platform to a full-service financial hub. Analysts note it’s part of an industry trend where crypto exchanges integrate TradFi elements to boost user retention and attract institutions. Amid a $1.4 billion hack recovery last year, MyBank underscores Bybit’s resilience and commitment to secure innovation.
Challenges and Market Context
While promising, MyBank faces hurdles. Regulatory approvals are pending, which could delay the February rollout. U.S. expansion looms large, with analysts warning of stringent compliance costs and oversight. Competition from neo-banks and rivals like Binance intensifies pressure to deliver flawlessly.
Market reaction has been mixed: crypto prices dipped post-announcement amid broader selloffs, but user sentiment leans positive for reduced fiat friction. Bybit’s trading volume leadership—second only to giants—gives it leverage, yet execution risks remain, including operational scalability and cybersecurity.
Despite these, the timing aligns with rising institutional interest in RWAs and tokenized assets, projected to boom in 2026. Bybit’s strategy positions it at the forefront, blending crypto’s speed with banking’s reliability.
Implications for Crypto Adoption
MyBank could accelerate mainstream crypto use by making on-ramps invisible. No longer must users jump through hoops to fund accounts; it’s as straightforward as linking a bank app. This lowers barriers for beginners wary of volatility or tech complexity, while power users gain efficiency.
For global remittances, multi-currency IBANs offer cheaper, faster alternatives to services like Western Union. In emerging markets like the UAE and Kazakhstan, it empowers unbanked populations with crypto access. Ultimately, features like salary deposits normalize digital assets as everyday money.
The Road Ahead
As February 2026 approaches, Bybit users should prepare by completing KYC to be launch-ready. Watch for updates on supported currencies and regional rollouts. MyBank isn’t just a feature—it’s a gateway to a future where fiat and crypto coexist effortlessly.
In conclusion, Bybit’s MyBank launch heralds a new era of integrated finance, dismantling barriers to crypto adoption one seamless transfer at a time. By prioritizing user needs, compliance, and innovation, Bybit isn’t following trends—it’s setting them, paving the way for digital assets to become as ubiquitous as mobile banking.
