Dubai-based cryptocurrency exchange Bybit is once again making waves across the crypto and financial landscapes. In February, the company plans to launch a pioneering retail banking service called My Bank powered by Bybit, marking a major expansion beyond its core crypto trading platform. This shift signals a broader vision: blending traditional banking with digital asset markets to create a unified financial experience for users worldwide. This development comes amid ongoing industry challenges – including last year’s high-profile security breach – and highlights how crypto firms are reinventing themselves to compete directly with banks and fintech platforms. Here’s what investors, users, and industry watchers need to know about Bybit’s ambitious banking plans
A New Financial Frontier: What Is “My Bank”?
Bybit’s My Bank initiative aims to let users open personal bank accounts directly through the platform, complete with an international bank account number (IBAN). Unlike typical crypto exchange wallets, these accounts will function more like traditional banking accounts, enabling users to hold and move fiat currency – such as U.S. dollars – alongside digital assets.
Users will be able to:
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Receive salaries and deposits in fiat currency.
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Make payments and transfers across borders using their IBANs.
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Trade cryptocurrencies under their own legal identity.
Bybit says this service will streamline financial life for its customers, letting them access everyday banking functions without leaving the Bybit ecosystem. Completing Know Your Customer (KYC) verification will unlock full access to these banking features.
From Crypto Trading to Full-Service Finance
Bybit is already one of the world’s largest cryptocurrency exchanges by trading volume, known for spot and derivatives markets, staking products, and more. But DeFi platforms and crypto exchanges have long faced criticism for being isolated from traditional finance. With My Bank, Bybit is trying to bridge that gap by offering everyday fiat services alongside digital asset trading – a bold step toward becoming a neo-bank.
This strategy echoes what other fintech companies – like Robinhood or Revolut – have pursued in recent years: seamless integration of cash and investment services within a single platform. Bybit’s version seeks to add global reach and cryptocurrency infrastructure to that mix.
According to reports, the new accounts are expected to support up to 18 fiat currencies, though regulatory approvals are still pending in many jurisdictions.
Strategic Partnerships Power the Launch
To make My Bank a reality, Bybit is partnering with established financial institutions. Among them are Qatar National Bank (QNB) and DMZ Finance, both of which will help deliver banking infrastructure and compliance support for the new service. Bybit is also reportedly working with Pave Bank, a licensed lender based in Georgia, to expand its fiat capabilities even further.
These alliances are crucial. They help a crypto exchange navigate the strict regulatory and operational demands of traditional banking – from KYC and anti-money-laundering (AML) requirements to international clearing systems that support IBAN routing.
Security, Trust, and Context After the 2025 Hack
The announcement of My Bank arrives in the shadow of a massive security incident that rocked Bybit and the wider crypto market in early 2025. In February of that year, Bybit suffered a large-scale hack that resulted in the loss of approximately $1.4 billion in Ethereum, the largest such theft recorded at the time.
The incident exposed vulnerabilities in Bybit’s wallet infrastructure and shook investor confidence. Although the company replenished reserves shortly afterward – with help from emergency funding partners – the breach highlighted persistent security challenges within centralized exchanges.
Bybit’s move into banking can be seen partly as a response to that episode. By offering regulated banking services alongside its trading platform, the exchange is signaling that it wants to be perceived as not just a crypto venue, but a trusted financial services provider with deeper roots in the regulated economy.
Why Users Might Embrace Retail Banking on a Crypto Exchange
From a user’s perspective, My Bank offers several potential benefits:
1. One Platform for All Financial Needs
Users traditionally juggle multiple accounts: a bank for fiat, a separate wallet for crypto, and various apps for payments. Bybit’s integrated approach could simplify that setup.
2. Instant Fiat and Crypto Transfers
Instead of depositing fiat into a bank and then moving it to a trading platform, users could hold and trade from the same account – potentially with reduced friction and fees.
3. Global Usage with Minimal Barriers
With IBANs and multi-currency support, customers around the world may be able to use their accounts for cross-border payments and international transactions – a plus for frequent travelers, freelancers, and global workers.
However, users will still need to weigh regulatory and jurisdictional factors. Banking services require approval from local authorities, and Bybit’s offering may look very different depending on where a user lives.
Challenges and Regulatory Hurdles Ahead
Launching a bank-like service is not without challenges. Crypto platforms face strict regulatory scrutiny, especially when they operate across borders. Obtaining licenses, meeting capital requirements, and complying with financial reporting standards are major hurdles for any company entering the banking world.
Bybit will also need to ensure robust security and compliance frameworks to protect user funds and build trust – particularly important after its high-profile hack. Regulators in major markets such as the U.S. and European Union have been increasingly clear that financial firms – even fintech and crypto firms – must meet the same standards as traditional banks.
Finally, My Bank must coexist with established banks and neobanks that already offer low-cost international payments and integrated services. Bybit’s global reach gives it an edge, but convincing customers to switch remains a tall order.
A Glimpse Into the Future of Finance
Bybit’s My Bank initiative could be a defining moment for the company and the wider crypto industry. If successful, it may set a precedent for other exchanges and fintech firms looking to blend digital assets with everyday financial services. It reflects broader trends in finance, where boundaries between banking, trading, and digital assets are dissolving.
For users and investors, the promise of a unified account that handles both fiat and crypto holds appeal. But its success will ultimately depend on how well Bybit navigates regulation, security, and customer trust – the very pillars that underpin the global financial system.
