Cryptocurrency exchange ByBit is set to expand into traditional banking by introducing accounts for holding fiat currencies. CEO Ben Zhou announced plans for 'MyBank' accounts that will support transfers in 18 currencies and integrate seamlessly with crypto trading. The service is expected to launch next month, pending regulatory approvals.
Cryptocurrency exchange ByBit, one of the world's largest by trading volume, is venturing into banking services to bridge the gap between digital assets and traditional finance. In an interview with Bloomberg News on January 29, 2026, CEO Ben Zhou revealed that the company will offer 'MyBank' accounts allowing users to hold balances in U.S. dollars and other fiat currencies. These accounts will include an International Bank Account Number (IBAN), enabling transfers in and out of 18 currencies, with the service slated to go live next month subject to regulatory approvals.
Zhou emphasized the seamless integration with ByBit's crypto platform, stating, “The moment that your pound or US dollar arrives, you can choose to transfer it to crypto. That’s a huge update.” This move positions ByBit in the neobank space, akin to Revolut and Robinhood, but in reverse—starting from crypto and adding banking features.
With over 81 million customers and operations in more than 200 markets, ByBit leverages partnerships with nearly 2,000 banks to facilitate this expansion. The company also plans to launch a custody product for institutional investors focused on tokenizing real-world assets. However, Zhou noted no intentions to enter the prediction market sector due to compliance hurdles: “We looked and there had been a lot of compliance challenges. That’s why you haven’t seen any centralized exchanges launching these products.”
This development comes amid growing integration of digital assets into mainstream banking. ByBit's push follows a major setback: a hack early in 2025 that stole $1.5 billion, accounting for nearly half of the $3.4 billion in crypto thefts recorded by Chainalysis from January to September that year. The exchange compensated users by borrowing from other platforms and using its treasury funds.
