Bybit Launches ‘My Bank’ Crypto-Neobank with IBAN Accounts

The announcement, made during a keynote outlining Bybit’s 2026 priorities, represents a notable reversal of the typical fintech trajectory. While neobanks like Robinhood and Revolut have expanded from traditional services into digital assets, Bybit is one of the first major crypto-native platforms to move decisively in the opposite direction. According to CEO Ben Zhou, ‘My Bank’ is designed as a direct alternative to conventional checking accounts, which often impose restrictions on cryptocurrency-related transactions. ‘You can actually make a fiat deposit to ByBit directly from your bank account under your own name,’ Zhou explained during the presentation. ‘To the bank, they’re simply doing a transfer to your own bank account.’

The core offering is an online-only IBAN account that will enable Bybit’s 82 million registered users across 181 countries and regions to send and receive funds in multiple fiat currencies through any financial institution. The platform promises to consolidate financial activities, allowing users to receive salaries, pay bills, and trade digital assets from a single interface. Zhou positioned the product as a solution to the persistent difficulty many face in accessing reliable on-ramps into cryptocurrency, framing it as a tool for everyday use: ‘You can even use this to buy a car, to pay for an apartment and things like that, no hassle.’

Bybit’s push into banking is underpinned by ambitious growth targets and a clear vision to serve a vast, underserved market. Zhou has publicly stated the exchange’s desire to expand into the Americas, despite the platform currently not being operational in the U.S. and Canada, and holds a long-term ambition for a public listing on Wall Street. The ‘My Bank’ initiative is a critical component of this strategy, aiming to ‘eliminate a lot of difficulty and challenges you see today’ in accessing integrated financial services.

The exchange is not building the banking infrastructure from scratch but is instead ‘working with a number of banking providers’ to bring the product to market. This partnership model allows Bybit to leverage established financial networks while focusing on its user experience and crypto integration. The target demographic extends far beyond existing crypto enthusiasts. Zhou explicitly highlighted the product’s potential to ‘cater to hundreds of millions of people around the world who are unbanked or underbanked,’ suggesting a mission to drive financial inclusion through digital asset infrastructure.

The launch of ‘My Bank’ comes almost a year after Bybit confronted one of the most significant security breaches in cryptocurrency history. In 2023, the exchange confirmed that $1.4 billion worth of cryptocurrency was stolen in a sophisticated hack later linked to state-backed North Korean cybercriminals. The attack, which remains the largest of its kind, involved the exchange unknowingly transferring funds to an attacker’s wallet after a planned transfer was manipulated.

In the aftermath, Bybit took steps to shore up user confidence by honoring all withdrawal requests. The decision to now venture into the sensitive domain of retail banking signals a concerted effort to rebuild and strengthen its institutional reputation. It demonstrates a commitment to operating with the reliability and security expected of a traditional financial service provider, even as it expands from its crypto-exchange roots. The success of ‘My Bank’ will likely depend heavily on its ability to assure users of the platform’s safety and resilience, turning past vulnerability into a foundation for future trust.