Cryptocurrency exchange ByBit reportedly wants to look more like a bank.By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions .Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.The company plans to begin offering banking services, including accounts that allow users to h ...

Core Insights - Bybit, the second-largest crypto exchange by trading volume, plans to launch dollar-denominated banking accounts called "MyBank" in February 2026, pending regulatory approvals [1] - The initiative aims to position Bybit as a neo-bank, allowing seamless conversion between fiat and digital assets, with support from partner banks like Pave Bank [2][4] - The accounts will support transfers across 18 currencies, requiring users to pass "know your customer" checks [3] Company Strategy - Bybit's operational reach includes over 200 jurisdictions and partnerships with nearly 2,000 banks, providing a strong foundation for the banking product rollout [4] - The CEO emphasized that crypto serves as the infrastructure for a new financial system, positioning the accounts as a bridge between traditional finance and digital assets [5] - Beyond retail banking, Bybit plans to launch a custody product targeting institutional investors involved in tokenizing real-world assets [6] Market Positioning - The move aligns with Bybit's goal of achieving dominance in real-world asset trading and on-chain capital by 2026 [6] - Despite the popularity of prediction markets, Bybit will avoid entering this space due to compliance challenges [7]