Bybit Enters Neobank Space with MyBank, Eyes U.S. Expansion

Bybit is stepping into the neobank arena with its new service, MyBank, aiming to bridge the gap between crypto and traditional banking while setting its sights on future expansion into the United States.

Key Takeaways

• Bybit is launching MyBank in February, a retail banking service designed to offer IBAN-enabled fiat accounts with crypto integration.
• The platform will support 18 fiat currencies and allow instant conversion between fiat and crypto, simplifying global financial transactions.
• Bybit is partnering with Georgia-based Pave Bank, a licensed digital lender backed by Tether Investments, to roll out the service.
• The move is part of Bybit’s broader 2026 vision to evolve into a unified financial platform and expand access to underserved populations globally.

What Happened?

Bybit announced it will launch MyBank, a neobank-style banking layer, in February 2026. This move signals a bold shift for the Dubai-based crypto exchange, which aims to provide retail users with access to banking services that integrate both fiat and digital currencies. The platform will allow users to send and receive 18 fiat currencies using IBANs, and instantly convert them into crypto.

This is part of Bybit’s long-term mission to become a global financial platform that breaks down barriers to modern finance, particularly for the 1.4 billion underbanked individuals around the world.

MyBank: A Leap from Exchange to Full-Service Finance

Bybit’s MyBank offering represents one of the most ambitious attempts by a major crypto exchange to enter the traditional financial services space. Instead of merely supporting on- and off-ramps for fiat transactions like many other exchanges, MyBank aims to provide dedicated bank accounts capable of seamless fiat transfers and instant crypto conversion.

• Users will be able to transact in 18 fiat currencies, including U.S. dollars and euros.
• The service will use IBANs to facilitate cross-border payments, aligning with regulated banking standards.
• Bybit confirmed it is working with Pave Bank, a digital bank licensed in Georgia, to deliver this capability.

Pave Bank, established in 2023, offers programmable banking solutions that merge fiat and crypto functionalities. The bank secured $39 million in Series A funding from investors including Tether Investments, which gives additional credibility and resources to support this initiative.

Serving the Underbanked and Emerging Markets

CEO Ben Zhou said the company’s 2026 vision is rooted in providing access to financial tools for people excluded from the traditional system, whether due to geography, infrastructure issues, or regulatory barriers. MyBank is designed to solve real-world problems in emerging markets, such as slow remittances, high fees, and lack of efficient financial products.

Bybit also emphasized that its platform architecture will deliver borderless, always-on financial services, leveraging blockchain and fiat banking rails in tandem. It has already issued 2.7 million Bybit Cards and maintains partnerships with 2,000 local banks and over 200,000 peer-to-peer merchants.

Institutional Trust and Regulatory Alignment

To support the institutional side of this ecosystem, Bybit is also expanding its custody arm, ByCustody, which now manages over $5 billion in assets. More than 2,000 institutions currently use the custody service, which promises segregation of client funds and compliance with traditional financial standards.

Bybit underlined its commitment to aligning with evolving global regulations by working with over 10 licensed banks and custodians worldwide. The firm also plans to deploy artificial intelligence to improve efficiency, compliance, and user experience across its financial infrastructure.

Plans for U.S. Market and Public Listing

While the MyBank launch will start in markets where regulatory clearance is secured, Bybit has not ruled out future entry into the United States. CEO Ben Zhou confirmed that the firm is exploring a path into the U.S. but would require a licensed partner to comply with domestic financial laws.

Bybit has more than 81 million users in over 200 countries and regions, and has indicated that a U.S. public listing is among its long-term ambitions.

CoinLaw’s Takeaway

I find Bybit’s approach refreshing and aggressive in all the right ways. Most crypto exchanges stick to the digital lane, dabbling lightly in fiat. But Bybit is flipping that model. It’s not just offering payments or cards, it’s building out actual bank-grade infrastructure, and that’s a whole different ballgame.

In my experience covering fintech, this kind of integration between crypto and TradFi doesn’t just happen overnight. It takes serious regulatory navigation, tech maturity, and vision. The fact that Bybit is trying to solve real problems in emerging markets while still eyeing massive global expansion says a lot about where this industry is heading.

If they pull this off, MyBank could become a template for how crypto-native companies can responsibly enter and compete in the banking world.

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