Crypto exchange Bybit has unveiled a broad strategic shift toward what it describes as a “New Financial Platform,” an ecosystem designed to integrate retail banking services, institutional custody and traditional asset trading.
The move signals an effort to extend beyond the company’s roots as a crypto derivatives exchange and into areas traditionally served by banks and multi-asset brokers.
The strategy, outlined by co-founder and CEO Ben Zhou, places Bybit alongside other major crypto platforms seeking to position themselves as unified financial hubs where digital assets and traditional finance coexist. Similar initiatives are already underway at competitors such as Coinbase, highlighting a wider industry trend toward so-called “everything platforms.”
“We are moving beyond niche crypto services to build a broader financial platform where crypto becomes part of everyday financial activity,” Zhou said.
Building Out Retail and Institutional Capabilities
At the centre of Bybit’s strategy are two initiatives aimed at different client segments. The first is MyBank, a planned retail banking layer scheduled for launch in February 2026. As Bloomberg reports, the planned MyBank accounts will include IBAN functionality, allowing users to hold and transfer balances in multiple fiat currencies, subject to regulatory approval.
The second pillar is ByCustody, Bybit’s institutional custody framework. The company says the platform currently secures more than $5 billion in assets for over 30 professional asset managers and serves more than 2,000 institutional clients, representing year-on-year growth in demand from firms seeking segregated accounts and more traditional custody safeguards.
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Expanding TradFi Offerings Alongside Crypto
Beyond banking and custody, Bybit is also expanding its traditional finance offering. Having introduced its first TradFi products in 2022, the exchange plans to list around 500 trading pairs by the first quarter of 2026, covering stock CFDs, foreign exchange, commodities and indices.
These products are designed to sit alongside Bybit’s existing crypto markets within a single trading environment. The platform is supported by a global payments network, which Bybit says connects to nearly 2,000 local banks, more than 58 fiat gateways and underpins the issuance of 2.7 million Bybit Cards worldwide.
Regulatory Context Still Taking Shape
So far, there has been no direct public response from regulators or the wider financial community to Bybit’s announcement. The company has repeatedly stressed, however, that all elements of its expanded platform remain subject to regulatory approval and will only be launched once the necessary authorisations are in place.
Bybit has indicated that certain components, including banking-related services that, according to Bloomberg, would involve Georgia-licensed lender Pave Bank, will depend on approval from local regulators, with other jurisdictions potentially involved as the strategy develops.
The emphasis on pending regulatory clearances suggests that the company’s ambitions are conditional on securing a “green light” from supervisory authorities rather than a unilateral rollout.
Implications for Brokers and Banks
For traditional brokers and banks, Bybit’s announcement underscores the direction of travel within the crypto industry rather than an immediate competitive threat.
Large crypto exchanges are increasingly leveraging their global user bases, payments infrastructure and around-the-clock operating models to explore services beyond spot and derivatives trading.
Whether these platforms can establish themselves as full-service financial providers will ultimately depend on execution and regulatory acceptance.
What is clear is that the boundary between crypto platforms and mainstream financial services continues to narrow, raising new strategic questions for incumbents about how they compete, partner or coexist with these expanding ecosystems.
