Bybit to Launch Dollar Accounts With Partner Banks – Can Crypto Go Mainstream?

Bybit, the world’s second-largest crypto exchange by trading volume, announced plans to launch dollar-denominated banking accounts through partnerships with licensed financial institutions.

The Dubai-based platform will introduce “MyBank” accounts equipped with International Bank Account Numbers (IBANs) in February 2026, pending regulatory approvals, allowing customers to hold balances in US dollars and 17 other fiat currencies.

The move positions Bybit to operate more like a neo-bank, reversing the typical trajectory of firms like Revolut and Robinhood that added crypto trading after establishing banking services.

According to Bybit CEO Ben Zhou, the accounts will enable seamless conversion between fiat and digital assets. “The moment that your pound or US dollar arrives, you can choose to transfer it to crypto. That’s a huge update,” Zhou told Bloomberg.

Banking Infrastructure Meets Crypto Trading

Bybit’s MyBank initiative will launch with support from partner banks, including Pave Bank, a Georgia-licensed startup lender, according to Zhou.

The accounts will support transfers across 18 currencies, and users must pass “know your customer” checks conducted by both Bybit and its banking partners before accessing services.

The exchange emphasized that this represents a natural expansion beyond its existing ventures into commodities and stock trading through Contracts for Difference derivatives.

Zhou highlighted Bybit’s operational reach as a competitive advantage during a January 29 keynote address titled “BUIDLing a New Financial Era,” where he outlined the company’s 2026 roadmap.

The platform currently operates in over 200 jurisdictions, with partnerships spanning close to 2,000 banks that support its infrastructure, providing a foundation for the banking product rollout.

The CEO stressed that “Crypto is the infrastructure for the new financial system,” positioning the accounts as a bridge between traditional finance and digital assets.

🎙 #KeynoteWithBen is LIVE!

A new financial era begins. See what’s next for Bybit traders in 2026.

Watch Now: https://t.co/EIbHFpodeB https://t.co/4hgA9zosD8

— Bybit (@Bybit_Official) January 29, 2026

Institutional Push and US Market Ambitions

Beyond retail banking services, Bybit plans to launch a custody product targeting institutional investors, particularly banks and large investors involved in tokenizing real-world assets like property or stocks on blockchains.

The move aligns with Zhou’s keynote emphasis on achieving “dominance in RWA trading, prediction markets, and on-chain capital” as a defining 2026 milestone.

However, the exchange will avoid prediction markets despite their recent popularity, with Zhou citing “a lot of compliance challenges” that have kept centralized exchanges from entering the space.

US expansion looms as a strategic priority under President Donald Trump’s pro-crypto administration, though Bybit would need to partner with a licensed operator to enter the market.

Zhou confirmed the company is “looking into” American expansion and described a US public listing as a “long-term goal,” adding: “We are getting more and more prepared.“

The CEO disclosed that Bybit is currently in discussions with major banks about potentially advising on a listing effort.

Navigating Global Growth After Crisis

The banking product launch follows a tumultuous 2025 that included a $1.5 billion hack attributed to North Korea, forcing Bybit to borrow from other platforms and deploy treasury funds to replace approximately 515,000 stolen tokens, primarily Ether and its derivatives.

During the January keynote, Zhou reflected on handling the incident with “radical transparency,” confirming the exchange maintained zero downtime and repurchased nearly $300 million in tokens to ensure no user losses.

The platform’s growth accelerated despite the setback, reaching over 82 million registered users globally, according to Zhou.

Bybit has secured regulatory licenses across multiple jurisdictions, including a full Virtual Asset Provider Organization license in the United Arab Emirates and compliance with Markets in Crypto-Assets Regulation in the European Economic Area through its Vienna-based entity.

The exchange’s asset inflows surged from $1.3 billion in Q3 2025 to $2.88 billion in Q4, according to company data.

Looking forward, MyBank accounts show Bybit’s bet that offering traditional financial services can accelerate mainstream crypto adoption by eliminating friction between fiat and digital asset ecosystems.

Broader Industry Consolidation

Bybit’s banking push came amid an intensifying competition among major crypto exchanges as they merge digital assets with traditional financial products.

Binance, the world’s largest crypto exchange, confirmed on January 23 that it submitted a Markets in Crypto-Assets license application in Greece as platforms rush to secure regulatory approval before June 2026 transitional deadlines expire.

Binance is also exploring plans to reintroduce stock trading four years after discontinuing the feature, according to The Information, while it secured three Abu Dhabi licenses in December 2025 covering exchange, clearing, and broker-dealer activities for Binance.com operations.