Bybit is taking a big step toward traditional finance with the launch of its new MyBank fiat service. The crypto exchange will let users hold US dollars and other government currencies in accounts that look and feel like real bank accounts.
According to Ben Zhou, CEO of the global exchange, speaking on a live stream on Thursday, users will be able to send and receive money internationally, just as with any other bank, thanks to the personal IBANs that these MyBank accounts will include. If regulators in key regions grant final approval, deployment is expected to begin in February.
What MyBank Offers Everyday Users
With MyBank, Ben said users can keep fiat balances directly in Bybit instead of relying on external payment services. They can receive salaries, pay bills, and move funds between their bank accounts and Bybit without additional onboarding.
The service is set to support up to 18 currencies, starting with US dollars and expanding to other major currencies over time. Once funds arrive, users can still shift quickly into crypto trading pairs, using Bybit as a single hub for both assets.
Moreover, Bybit is not becoming a full-fledged traditional bank. Instead, licensed financial institutions such as Pave Bank, Qatar National Bank, and DMZ Finance will handle fiat custody, settlement, and compliance.
These partners provide the regulated infrastructure, while Bybit handles the user interface and integrates the accounts with its trading platform. Users will need to pass standard Know Your Customer checks before they can open MyBank accounts or move large sums.
If you are an active trader or a long-term holder, MyBank could reduce the friction you face today. Instead of waiting for separate bank transfers each time you want to trade, you can keep a fiat balance ready inside Bybit, then move into or out of crypto when market conditions suit you.
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