Bybit plans to launch a banking service called MyBank in February 2026 through a partnership with Georgia-based compliant bank Pave Bank. The service is set to provide users with IBAN accounts and support settlement and transfers across 18 fiat currencies. Bloomberg reported that the move would push Bybit beyond exchange operations and closer to bank-like financial infrastructure.
CEO Ben Zhou said in an interview that the company is researching a possible entry into the US market and has been consulting major banks. He also said that an IPO is Bybit’s ultimate goal. Taken together with the MyBank rollout, the remarks point to a broader shift in how Bybit wants to position itself, moving from an offshore derivatives venue toward a wider financial services platform.
MyBank aims to connect crypto balances with bank rails
According to the report, MyBank will issue IBAN accounts directly to users, creating a more direct path between crypto holdings and traditional banking channels. It said USDT held on the platform could be converted into supported fiat balances, with the list including the US dollar and euro among the 18 currencies available.
That would reduce reliance on third-party payment processors for moving money in and out. The same report also noted that users of these bank-like fiat rails would be subject to international anti-money-laundering standards and tax reporting requirements.
Recent compliance moves line up with custody and RWA expansion
MyBank follows several other steps taken by Bybit in recent months, including the rollout of Bybit Card in Georgia and direct AED bank deposits and withdrawals in the UAE. Viewed together, those moves show a consistent push to build out fiat access, payment functionality, and settlement capacity.
Bybit has also been expanding into RWA, or real-world assets, and institutional custody. Citing Business Insider data, the source said Bybit’s institutional custody assets climbed from $1.3 billion in the third quarter of 2025 to $2.88 billion within a matter of months. The increase suggests stronger demand from professional investors, whose requirements tend to center on custody and regulated access to assets such as tokenized US Treasuries and gold rather than high-leverage trading products.
Competitive edge shifts from liquidity to compliance
For years, Bybit was known as one of the leading offshore derivatives exchanges. Its current strategy looks different. The material ties that shift to the UAE’s SCA license, the EU’s MiCA compliance framework, and now a banking settlement layer through MyBank.
If the company wants a future US listing, that compliance buildout becomes much more important. The report added that even with a regulated banking partner such as Pave Bank serving as a buffer, a US IPO would still mean meeting the SEC’s stricter audit standards.