Bybit Moves Into Banking With MyBank Accounts

Bybit has experienced significant growth. The crypto exchange will offer full banking-type services. The product will run under the name MyBank. In the platform fiat currencies will be stored in the hands of the users. Transfers will also be given to them in the form of an IBAN. This implementation is a strategic change. Bybit does not wish to be a trading venue only anymore. Rather, it desires to incorporate daily financial activity. The exchange will become operational in February. Regulators will, however, have to approve the structure beforehand.

🚨BREAKING: BYBIT TO OFFER BANKING SERVICES

Bybit plans to launch “MyBank” accounts letting users hold USD and other fiat, with IBANs for transfers across 18 currencies.

The rollout is in partnership with banks and is expected to go live in February, pending approvals. pic.twitter.com/vsNft1gF78

— Coin Bureau (@coinbureau) January 29, 2026

What Bybit MyBank Will Offer Users

The MyBank accounts will enable storing fiat currencies. This encompasses USD and a number of others. The payment and receipt of money will be in the form of IBAN transfers. The service will aid the transactions in 18 currencies. This aspect eliminates teenage friction. Users no longer use third-party on-ramps. They will transfer finances between banks and Bybit. Consequently, the speed and cost of transfers will decrease. Besides, Bybit will collaborate with licensed banks. Custody and compliance will be dealt with in these institutions. This design resembles the existing crypto-friendly neo-banks.

There is increased competition in crypto exchanges. A range of platforms are currently providing such trading tools. Thus, more than ever, differentiation is of the essence. Bybit also seems to realize this pressure. Bybit gets into the business of everyday finance by starting MyBank. Users can park fiat. They can move salaries. They can handle expenses. This transformation makes the exchange a financial centre. Meanwhile, regulators insist on greater division of custody and trading. Collaborating with banks is one way of dealing with the latter. It also creates confidence of institutions and users.

Bybit Broader Strategy

Since 2024, Bybit has been growing aggressively. The exchange introduced crypto cards. It introduced the asset custodial tools of the real world. It enhanced fiat tracks in different areas as well. MyBank qualifies well in this roadmap. A large-scale growth needs to be more integrated. Banking services offer that background. Moreover, this action correlates with the user behavior. A lot of traders also hold unused fiat balances. Bybit has now absorbed such capital into its ecosystem.

Competition of MyBank With Neo-Banks

Neo-banks are concerned with simplicity and speed. In fact, the same seems to be the case with MyBank. Everything is controlled within a single app by the users. They transfer money without changing platforms. MyBank however, contributes crypto-native benefits. Users also have the ability to reconcile fiat and virtual assets on the spot. They are able to put money in trading or staking without delays. Active users will like this hybrid model. It also appeals to professionals who would like to be flexible but not complex.

Bybit Regulatory Considerations

The most crucial variable is regulation. Hence, regions as the European Union have strict compliance regulations. Bybit intends to conduct its business under licensed banking partners. Therefore, this structure reduces risk. Nevertheless, approvals can have an impact on the schedule. Some areas are likely to have low access at the launch. Nevertheless, the announcement is an indication of confidence. Without a solid regulatory background, Bybit would not proceed.

Market Response and Social Feeling.

Preliminary responses on social sites are positive. Users embrace easier access of fiat. Low conversion friction is marked by many. Others attribute it to superior capital efficiency. Simultaneously, analysts are on alert. Complexity is also added in banking services. Compliance costs also rise. Operational risks increase. But history favors those platforms that change with the times. Adding fiat rail exchange first benefited at a long-term basis. Bybit now follows that path.

Potential Risks to Watch

Execution will matter most. Users will test reliability. They will be tracking transfer speeds. They will consider customer support. Also, there might be changes in the regulatory aspects that might have impacts on the availability of the services. Features may be limited by some jurisdictions. Others may delay approvals. Nevertheless, the long-term orientation is evident. Crypto platforms aspire to possess the entire financial stack. In any case, the relocation alters expectations.