Bybit’s MyBank Push Tests Crypto Exchanges’ Expansion Into Banking
Crypto platform Bybit is making a notable with its new MyBank product, which is part of its strategic move to broaden its footprint beyond trading and custody. The initiative, which will offer personal International Bank Account Numbers (IBANs), multi-currency wallets, and savings features, aims to merge traditional banking utility with crypto-based convenience and test the boundaries between platforms and licensed financial institutions.
Bybit’s banking aspirations reflect broader competitive dynamics among major platforms, which are increasingly viewking ways to attract and retain users by offering comprehensive financial services rather than isolated crypto-related products. With regulators paying closer attention to hybrid offerings that straddle banking and digital assets, MyBank’s launch may provide insights into how far crypto firms can connect to mainstream finance.
Crypto Meets Core Banking Services Through Bybit’s MyBank
is set to roll out with personal IBAN accounts, deposits in multiple fiat currencies, and savings functionality, making it a perfect platform to give users a simplified way to manage both traditional and digital assets in one place. According to product briefs and reports, customers will be able to open accounts with standard banking identifiers, hold and transfer fiat, and potentially earn yields connected to crypto-linked services.
This expansion marks a clear plan in line with the platform’s focus on market making, derivatives, and spot trading. MyBank effectively positions Bybit as a neobank-like service provider, offering digital financial accounts that resemble services historically dominated by traditional banks and fintech challengers.
platforms Meet Regulation While Stretching Into Financial Services
While the MyBank initiative is Bybit’s product, there’s a growing trend among platforms that view value in deeper financial integration. Users who can manage from the identical platform might exhibit higher retention rates, increased deposit inflows, and broader engagement with value-added products such as savings accounts, card services, or liquidity vehicles. For Bybit, MyBank may serve both as a utility layer for existing customers and a gateway to attract users who are curious about crypto but prefer a banking approach.
However, Bybit and similar firms have acknowledged that regulatory compliance is core to the rollout. Operating bank-like services, including deposit accounts and payment execution, introduces requirements governed by banking and electronic money laws in various jurisdictions. Bybit has signaled that it is working with regulators and licensing authorities to ensure MyBank meets applicable standards while preserving the user experience.
Regulators themselves have been signaling increased vigilance. In the U.S., Europe, and parts of Asia, authorities have clarified that offering payment accounts, deposit services, or cash management products may fall under banking, , or payment institution laws.
As MyBank is rolled out and regulatory feedback takes shape, the product’s performance will offer valuable insight into whether hybrid crypto-banking models can attract broader adoption or whether they trigger deeper regulatory engagement. For users and competitors, Bybit’s MyBank is driving a future where digital asset platforms are closing the gap between banking and crypto investing.
