Bybit plans to launch its own neobank, MyBank, in February. The platform offers personalized IBANs and multi-currency accounts. It is estimated that users will be able to exchange up to 18 currencies through partnerships with authorized institutions such as Pave Bank, QNB, and DMZ Finance. This initiative represents a direct test of whether a cryptocurrency exchange can go further and operate large-scale banking services for retail customers.
Bybit’s proposal differs from the typical offerings of exchanges, which usually outsource services to other banks without deep integration. In this case, the company aims to offer unified accounts with IBANs and multi-currency transactions, approaching a traditional neobank model while maintaining native integration with crypto assets.
According to the company, this structure will rely on explicit agreements with banks authorized to provide fiduciary services in multiple jurisdictions, thus having fewer limitations.
From a technical standpoint, the project demands a high level of operational complexity. It will require real-time reconciliation between banking and crypto systems, interoperability between traditional infrastructures and blockchain, and enhanced compliance reporting that meets banking standards, all while managing crypto asset custody and trading functions in parallel.
The future of exchanges in the hands of Bybit and MyBank
The viability of the model will depend on several key factors. These include regulatory viability—that is, whether a crypto platform can operate under banking regulations in different jurisdictions—market acceptance following its planned February launch, and operational and security scalability to handle high-volume, multi-currency fiat flows without compromising asset protection or reporting requirements.
The plan mentions a Georgia-licensed lender identified as Pave Bank, along with QNB and DMZ Finance, as pillars of the fiduciary architecture. However, clear risks are also identified: divergent regulatory interpretations across jurisdictions or potential compliance issues at partner banks could become points of failure and lead to service disruptions.
If Bybit successfully navigates these challenges, the launch could validate a repeatable model for exchanges to offer retail-like banking services and increase competitive pressure on traditional banks and digital neobanks. It would also provide regulators with a clearer operational template for evaluation, potentially informing supervisory approaches.
Adoption metrics and compliance outcomes following the planned rollout in February 2026 will provide the clearest measure of whether exchange-led neobanks can move from experimental functions to mainstream financial infrastructure.
