ByBit Expanding Beyond Crypto With Banking Services

• MyBank accounts will support 18 fiat currencies with IBAN functionality, enabling instant conversion to crypto upon deposit, pending regulatory approval for February 2026 launch
• ByBit is one of the world's largest crypto exchanges by trading volume, active in 200+ markets with partnerships across nearly 2,000 banks
• The company suffered a $1.5 billion hack in early 2025 (accounting for nearly half of all crypto thefts through September) and had to borrow from other platforms to reimburse customers

Summary

ByBit, one of the world's largest cryptocurrency exchanges with over 81 million customers, is expanding into traditional banking services through its "MyBank" initiative. CEO Ben Zhou announced plans to launch banking accounts supporting U.S. dollars and other fiat currencies, expected to go live in February 2026 pending regulatory approval.

Key Details:

• MyBank accounts will feature International Bank Account Numbers (IBANs) supporting transfers in 18 currencies
• The service enables instant conversion from fiat to cryptocurrency upon deposit
• ByBit operates in 200+ markets with partnerships across nearly 2,000 banks
• The company plans to introduce institutional custody products but will avoid the meme coin space due to compliance challenges

Market Context:

ByBit's strategy mirrors a reverse path compared to neobanks like Revolut and Robinhood, which evolved from trading platforms into full banking services. This move reflects the broader integration of digital assets into mainstream financial architecture.

Risk Factors:

The expansion comes after ByBit suffered a catastrophic $1.5 billion hack in early 2025—the largest in crypto history, representing nearly half of all crypto thefts recorded from January-September 2025. The company borrowed from other platforms and depleted treasury reserves to compensate affected customers.

Industry Implications:

The move signals continued convergence between traditional banking and cryptocurrency services, with digital assets gaining legitimacy through "structural adoption, regulatory articulation and financial integration" into core financial infrastructure.