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 announced Thursday.
The new product, called “My Bank powered by Bybit,” was unveiled during a live online keynote. According to Bybit CEO Ben Zhou, the service will provide users with a personal IBAN, enabling them to send and receive funds across banks in multiple currencies, initially starting with the US dollar.
The launch represents Bybit’s continued expansion beyond crypto trading, roughly a year after the exchange suffered a $1.4 billion hack.
Banking rollout with partner banks
Users will be able to access their personal bank accounts immediately after completing Know Your Customer (KYC) verification. Accounts will allow deposits of fiat currency, bill payments, salary receipt, and crypto trading — all under the account holder’s own name.
Bybit said it is working with several banking partners to support the initiative, including Qatar National Bank (QNB) and DMZ Finance, both of which previously collaborated with Bybit on tokenized asset projects in September 2025.
According to Bloomberg, Bybit is also reportedly partnering with startup lender Pave Bank, which is 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 approval.
Cointelegraph reached out to Bybit for comment on the banking services but had not received a response at the time of publication.
“This product will remove many of the difficulties and challenges users face today,” Zhou said, highlighting that the service will allow users to deposit fiat directly from their bank accounts. He added:
“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.”
