🚀 Bybit’s Bold Bet on Banking: Crypto Giant to Launch IBAN-Powered Dollar Accounts in 2026

Bybit is no longer content with being just a crypto exchange.

In a move that could reshape how millions interact with digital assets, Bybit — the world’s second-largest crypto exchange by trading volume — announced plans to launch full-scale, dollar-denominated banking accounts complete with International Bank Account Numbers (IBANs) as early as February 2026, pending regulatory approval.

The initiative signals a dramatic shift: Bybit isn’t adding banking features on the side — it’s building a neo-bank around crypto.

The upcoming product, branded “MyBank,” will allow users to hold balances in US dollars and 17 additional fiat currencies, offering seamless transfers across 18 currencies through licensed banking partners.

Unlike most fintechs that bolted crypto onto traditional banking models, Bybit is doing the opposite — starting with crypto and expanding outward into banking infrastructure.

“The moment your pound or US dollar arrives, you can choose to transfer it to crypto,”
Bybit CEO Ben Zhou said during a livestream.
“That’s a huge update.”

The accounts will be launched in partnership with regulated financial institutions, including Pave Bank, a Georgia-licensed startup lender. Users will undergo dual KYC checks conducted by both Bybit and its partner banks before accessing services.

Bybit’s banking ambitions are backed by scale.

Speaking at a January 29 keynote titled “BUIDLing a New Financial Era,” Zhou emphasized the company’s operational reach as a critical advantage. Bybit currently operates in more than 200 jurisdictions and works with nearly 2,000 banking partners worldwide — a foundation that makes a banking rollout possible at scale.

“This is a natural expansion,” Zhou said, pointing to Bybit’s existing ventures into commodities and stock trading via Contracts for Difference (CFDs).

At the heart of the strategy is a bold belief:

MyBank, Zhou explained, is designed to act as a bridge between traditional finance and on-chain capital, removing friction that has long slowed mainstream crypto adoption.

Retail banking is only part of the picture.

Bybit is also preparing a custody product for institutional clients, particularly banks and large investors seeking exposure to tokenized real-world assets (RWAs) such as real estate and equities issued on blockchains.

Zhou framed dominance in RWA trading, on-chain capital, and advanced financial infrastructure as a defining milestone for Bybit’s 2026 roadmap.

One area the exchange is deliberately avoiding? Prediction markets.
Despite their recent popularity, Zhou cited “significant compliance challenges” that have kept centralized exchanges largely on the sidelines.

A return to the United States is firmly on Bybit’s radar.

Under President Donald Trump’s pro-crypto administration, the exchange is actively exploring ways to re-enter the US market — likely through a licensed local partner.

Zhou also revealed that a US public listing remains a long-term goal, confirming that Bybit is already in discussions with major banks about potential advisory roles.

“We are getting more and more prepared,” he said.

The banking push comes after a turbulent 2025, when Bybit suffered a $1.5 billion hack attributed to North Korean actors — one of the largest crypto breaches on record.

Zhou addressed the incident candidly during his keynote, describing the company’s response as one of “radical transparency.” Bybit maintained zero downtime, repurchased nearly $300 million worth of tokens, and replaced approximately 515,000 stolen assets, mostly Ether and related derivatives — ensuring no user losses.

Remarkably, the crisis did little to slow growth.

Bybit now boasts more than 82 million registered users globally, while asset inflows surged from $1.3 billion in Q3 2025 to $2.88 billion in Q4, according to company data.

Bybit’s expansion is underpinned by a growing regulatory footprint, including:

The move also reflects intensifying competition among top exchanges racing to integrate traditional finance.

Just days ago, Binance confirmed it submitted a MiCA license application in Greece, while exploring a return to stock trading and securing multiple Abu Dhabi licenses to expand Binance.com operations.

Bybit’s MyBank accounts represent a clear wager:
that crypto adoption accelerates fastest when users no longer have to choose between fiat and blockchain.

If successful, the exchange won’t just be a place to trade — it could become a financial hub where banking, investing, and digital assets coexist seamlessly.

For the crypto industry, that may mark the beginning of a very different era.