Bybit, one of the world’s largest crypto exchanges by trading volume, plans to launch retail banking services on its platform starting in February, the company said Thursday. Bybit unveiled the product, called “My Bank powered by Bybit,” during a live online keynote on Thursday.
Bybit CEO Ben Zhou said the service will provide users with a personal IBAN, allowing them to send and receive funds across banks in multiple currencies, starting with the US dollar. The move marks Bybit’s latest effort to expand beyond crypto trading, coming about a year after it was hit by a $1.4 billion hack. Bybit is working with banks to support the banking rollout. Bybit said users will gain access to their personal bank accounts immediately after completing Know Your Customer (KYC) verification, allowing them to deposit fiat currency, pay bills, receive salaries and trade crypto — all under their own name.
Bybit said it is collaborating with several banking partners, including Qatar National Bank (QNB) and DMZ Finance, with which it previously partnered in September 2025 on tokenized asset initiatives. According to Bloomberg, the company is also reportedly working with startup lender Pave Bank, licensed in the Eastern European country of Georgia. The service is expected to support transfers in up to 18 currencies, though it remains subject to regulatory approvals. This product will eliminate a lot of difficulties and challenges you see today,” Zhou said, noting that users will be able to deposit fiat directly from their bank accounts.
To the bank, they’re simply doing a transfer to your own bank account. You can even use this to buy a car, pay for an apartment, and things like that — no hassle. This is a developing story, and further information will be added as it becomes available.
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