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Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced plans to launch retail banking services under a new product called “MyBank powered by Bybit,” which is expected to go live in February 2026, pending regulatory approvals.
Bybit to Launch Retail Banking With “MyBank”
During a recent livestream, Bybit CEO Ben Zhou revealed a plan to launch a new product called “MyBank powered by Bybit.”
Zhou said that new MyBank accounts will allow users to hold U.S. dollars and other fiat currencies, not just cryptocurrencies.
Once funds like dollars or pounds hit a user’s account, they can immediately choose whether to keep it as cash or move it into crypto. This direct link between banking and crypto is seen as a major upgrade for everyday users.
This marks a clear shift in Bybit’s strategy, as it moves closer to offering full financial services rather than only trading tools.
Banking Features and Global Transfers
Once launched, users will be able to open MyBank accounts after completing identity verification. Each user will receive a personal International Bank Account Number (IBAN), making it possible to send and receive money across borders.
The service will support 18 different currencies, giving users easier access to global payments and transfers.
Meanwhile, the MyBank rollout is being done in partnership with traditional banks. With these accounts, users can move money in and out of their Bybit accounts more smoothly, without relying on third-party payment providers.
UAE Expansion and AED Banking Support
Alongside MyBank, Bybit also announced direct AED bank deposits and withdrawals in the UAE. Under a local regulatory framework, eligible users can now transfer money directly between their Bybit accounts and UAE banks.
This strengthens Bybit’s presence in the region and supports its broader banking goals.
To promote the new banking features, Bybit has also announced a reward pool of up to 750,000 AED and zero fees on AED deposits for eligible users until February 28, 2026.
