Bybit Moves Deeper Into Traditional Finance

The exchange plans to launch “MyBank” accounts, allowing users to hold fiat currencies such as U.S. dollars and British pounds directly on the platform, complete with IBANs for transfers across eighteen currencies.

Key takeaways:

• Bybit is introducing IBAN-based accounts for holding fiat directly on the platform
• Users will be able to transfer funds across eighteen currencies
• The launch is expected in February, subject to approvals

The rollout is being conducted in partnership with regulated banks and is expected to go live in February, pending final regulatory approvals.

From Crypto Exchange to Bank-Like Platform

This expansion reflects a broader strategic shift, positioning Bybit as a bridge between traditional finance and digital assets. The platform already supports direct fiat deposits and withdrawals via bank transfers and has enabled real-time local payment rails in select regions, including AED transfers in the United Arab Emirates.

These features reduce friction between banking systems and crypto markets, making Bybit functionally closer to a full-service financial app.

A central component of this transition is the introduction of bank-style accounts with IBANs, enabling users to store fiat balances in-app and convert them instantly into cryptocurrency without relying on external intermediaries.

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Alongside this, Bybit offers a crypto debit card that allows users to spend digital assets in everyday transactions, with cashback incentives of up to ten percent. The platform’s peer-to-peer marketplace further complements these services by facilitating crypto purchases and sales via local bank transfers, effectively covering deposits, withdrawals, conversion, and spending within a single ecosystem.

Together, these developments underline a clear industry trend: leading crypto exchanges are evolving into hybrid financial institutions. By integrating regulated banking infrastructure with crypto-native services, Bybit is positioning itself at the intersection of traditional finance and digital assets, signaling where the next phase of crypto platform competition may be headed.

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