ByBit to Launch ‘MyBank’ Accounts, Bridging Crypto and Traditional Finance
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ByBit, one of the world’s largest crypto exchanges, is poised to enter the traditional banking sector with the launch of “MyBank” accounts, offering users the ability to hold and transfer funds in both fiat currencies and cryptocurrencies. The move, announced Thursday, January 29, signals a growing convergence between digital assets and mainstream financial services.
Expanding Beyond Crypto Trading
The new accounts will allow customers to hold balances in U.S. dollars and other fiat currencies, and will feature International Bank Account Numbers (IBANs) enabling transfers of 18 different currencies. The company anticipates launching the service next month, pending regulatory approvals. This expansion positions ByBit alongside established neobanks like Revolut and Robinhood, which initially focused on traditional banking before incorporating cryptocurrency offerings. However, ByBit is taking a reversed approach, leveraging its existing crypto user base to introduce traditional banking services.
“The moment that your pound or US dollar arrives, you can choose to transfer it to crypto,” a senior official stated, highlighting the seamless integration the company aims to provide.
Global Reach and Institutional Focus
With over 81 million customers and active operations in more than 200 markets, ByBit believes its extensive global reach provides a significant competitive advantage. The exchange also boasts partnerships with nearly 2,000 banks worldwide. Beyond retail banking, ByBit is also developing a custody product specifically designed for institutional investors, focusing on the tokenization of real-world assets.
Despite exploring various opportunities, the company has decided against entering the prediction market space, citing significant compliance challenges. “We looked and there had been a lot of compliance challenges,” a company representative explained. “That’s why you haven’t seen any centralized exchanges launching these products.”
Recovering from a Major Security Breach
ByBit’s move into banking comes after a challenging period for the exchange. In early 2024, the platform suffered a historic hack, resulting in the theft of $1.5 billion. The company was forced to utilize funds from other platforms and its own treasury to fully reimburse affected customers. Data from blockchain analysis firm Chainalysis revealed that the ByBit hack accounted for nearly half of the $3.4 billion in crypto thefts recorded between January and September 2025.
Crypto’s Growing Integration into Finance
ByBit’s expansion into banking reflects a broader trend of digital asset integration into the traditional financial world. A recent report highlighted “structural adoption, regulatory articulation and financial integration” as key indicators of crypto’s migration from a niche innovation to a core component of the financial architecture.
As the lines between traditional finance and the digital asset space continue to blur, ByBit’s foray into banking represents a significant step toward a more interconnected financial future.
