Key Highlights
- With the launch of MyBank, Bybit is aiming to simplify banking and trading in one platform.
- The Bybit Card in Georgia enables crypto spending via Mastercard, supporting multiple currencies and Google Pay for use.
- Bybit targets U.S. entry, global growth, and a future public listing while navigating strict regulations in the UK and Japan.
Crypto exchange Bybit is set to make a major move into banking with its “MyBank” service next month. Starting in February, the platform will allow customers to hold and transfer fiat currencies like U.S. dollars and euros using personal International Bank Account Numbers (IBANs).
According to a report, MyBank will support 18 fiat currencies and operate through partnerships with licensed banks, including Georgia-based Pave Bank. Bybit aims to streamline the entry into digital assets by letting users convert fiat to crypto instantly upon deposit.
Unlike companies like Revolut or Robinhood, which added crypto after building banking tools, Bybit is putting crypto first. It’s using its existing payment system, Bybit Pay, to combine banking and digital assets in one place. This means users can move money in and out faster, without waiting on third-party services that usually slow things down.
Expansion into crypto neobanking
The exchange is also entering the neobanking space, just like some of the other cryptocurrency-based platforms, such as Ether.fi, Kast, and Offramp. These platforms make it easier for people to use digital currency rather than the conventional banking system.
MyBank enables users to instantly exchange their cash for cryptocurrency with Bybit, which enables them to start trading immediately. Therefore, the platform is becoming appealing to people across the globe due to the convenience of banking and trading in one place.
Additionally, Bybit has introduced the Bybit Card in Georgia, allowing users to spend crypto wherever Mastercard is accepted. “Georgia is one of the most dynamic markets in the region, and we’re excited to introduce the Bybit Card here,” said Tekla Iashagashvili, Country Manager of Bybit Georgia.
The card supports multiple cryptocurrencies, offers instant virtual card access, and can link to Google Pay in supported regions. David Zgudadze of Mastercard added, “Such partnerships strengthen the financial ecosystem and promote technological progress in the country.”
Regulatory challenges and global strategy
Bybit’s expansion comes as it navigates strict regulations. The exchange relaunched in the UK last month after a two-year absence due to tightened Financial Conduct Authority (FCA) rules. Partnering with UK-licensed exchange Archax, Bybit can now offer Spot and peer-to-peer trading under a compliant structure.
In Japan, Bybit is implementing phased restrictions to comply with the Financial Services Agency requirements. Users identified as Japanese residents must complete additional verification by January 22, 2026, or face account limitations.
Bybit’s CEO, Ben Zhou, said the company plans to enter the U.S., but only with a licensed partner. The Dubai-based exchange already serves over 81 million users in 200 countries and hopes to go public in the U.S. eventually.
Bybit’s worldwide growth, new payment tools, and soon-to-launch banking service show it wants to make using crypto as easy as regular banking.
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