Bybit will launch MyBank in February, offering customers personal IBANs and fiat accounts within the platform. The service will support 18 fiat currencies, including the US dollar, and is designed to allow users to receive salaries, send payments, and seamlessly convert between fiat and crypto.
MyBank presents itself as a layer with neobank-like functionalities within Bybit’s crypto ecosystem, aiming to integrate traditional financial services directly into its platform. The company’s proposition focuses on simplifying the user experience by combining conventional banking tools with access to digital assets in a single environment.
At launch, the core functionality includes personal IBANs—unique international bank account numbers assigned to each retail user—enabling direct cross-border payments. This is complemented by multi-currency support, with accounts capable of holding balances in 18 fiat currencies, including US dollars, expanding payment and collection options globally.
Furthermore, MyBank will allow fiat custody within Bybit’s platform itself, reducing reliance on external payment providers. The service also includes the ability to receive salaries, execute transfers, and perform conversions between fiat currencies and cryptocurrencies, reinforcing its role as an operational bridge between the traditional financial system and the crypto ecosystem.
Stages of compliance and obstacles in security
MyBank’s service will rely on licensed banking partners to provide infrastructure and regulatory coverage, with Pave Bank named as a key partner. Lazarus Group’s Bybit will require customers to complete KYC checks both on the exchange and with its banking partners.
Regarding potential security challenges for Bybit, institutions and users are recalling the security breach Bybit experienced in 2025, in which the Lazarus Group stole $1.46 billion.
This move reverses the typical fintech trajectory: instead of banks incorporating crypto, Bybit is integrating traditional banking within a crypto platform. This strategy positions the exchange to compete with neobanks and challenger platforms and aligns with its stated ambitions for international expansion and a long-term U.S. IPO.
If MyBank scales without regulatory or security hitches, it could materially reduce friction in fiat inflows and outflows for Bybit’s user base and redefine how crypto exchanges offer integrated banking services.
