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Bybit is expanding beyond crypto trading as it prepares to roll out banking-style services that allow users to hold and transfer fiat currencies, signaling the exchange’s push toward a neobank-style model.
The crypto exchange plans to launch a product called MyBank, which will offer accounts that support balances in U.S. dollars and other fiat currencies, CEO Ben Zhou said in an interview with Bloomberg News on Thursday. The accounts are expected to go live next month, pending regulatory approval.
MyBank accounts will come with International Bank Account Numbers, enabling users to send and receive up to 18 fiat currencies. Once funds arrive, users will be able to convert fiat into crypto directly within the Bybit platform.
“The moment that your pound or U.S. dollar arrives, you can choose to transfer it to crypto,” Zhou told Bloomberg. “That’s a huge update.”
The move places Bybit in closer competition with crypto-native neobanks and fintech firms that have blended payments, banking, and digital asset services. Unlike companies such as Revolut and Robinhood, which added crypto features after building banking products, Bybit is taking the reverse approach by layering banking services on top of an existing crypto exchange.
Bybit is offering MyBank accounts through partnerships with local banks, including Pave Bank, a Georgia-licensed lender, according to Bloomberg. The setup is designed to enable faster fiat-to-crypto conversions and reduce friction for users entering digital asset markets.
With more than 81 million users across over 200 countries, Bybit is one of the largest crypto exchanges globally by trading volume. Zhou said the company’s geographic reach and network of partnerships with nearly 2,000 banks give it an advantage as it expands into financial services.
The exchange is also exploring additional institutional products. Zhou said Bybit plans to introduce a custody offering aimed at institutional investors involved in tokenizing real-world assets. However, he said the company has no plans to enter the prediction markets space, citing compliance concerns.
“We looked and there had been a lot of compliance challenges,” Zhou said. “That’s why you haven’t seen any centralized exchanges launching these products.”
The expansion comes as digital assets continue to move closer to the traditional banking system. The past year marked a shift toward greater regulatory clarity and financial integration, signaling crypto’s transition from the margins toward the core of global financial infrastructure.
