Bybit Plans February Launch of Retail Banking Services with Individual IBANs
The cryptocurrency exchange Bybit has announced its upcoming 'My Bank' service, which will provide customers with individual IBANs, immediate access to fiat currencies, transfers across multiple currencies, and the ability to trade crypto under their personal identity.
Among the world's leading cryptocurrency exchanges by trading volume, Bybit announced Thursday that it intends to roll out retail banking capabilities on its platform beginning in February.
The product, branded as "My Bank powered by Bybit," was revealed by the company during a Thursday online keynote presentation broadcast live.
According to Bybit CEO Ben Zhou, the service will grant users access to a personal IBAN, enabling them to transfer and receive money across banking institutions in various currencies, with the US dollar being the initial offering.
This initiative represents Bybit's most recent push to diversify beyond cryptocurrency trading operations, arriving approximately one year following the platform's experience with a $1.4 billion security breach.
Banking partners are collaborating with Bybit for the banking service launch
According to Bybit, users will receive immediate access to their individual bank accounts upon completing the Know Your Customer (KYC) verification process, enabling them to make fiat currency deposits, settle bills, collect salaries and execute crypto trades — all conducted under their personal identity.
The company revealed it is working alongside multiple banking partners, such as Qatar National Bank (QNB) and DMZ Finance, the latter being a partner from a previous September 2025 collaboration focused on tokenized asset projects.
Based on a Bloomberg report, the exchange is also purportedly partnering with startup lending institution Pave Bank, which holds a banking license in Georgia, a nation in Eastern Europe.
The banking service is anticipated to facilitate transfers across as many as 18 different currencies, although this remains contingent upon obtaining necessary regulatory approvals.
Cointelegraph contacted Bybit seeking comment regarding the newly announced banking services but had not received a response by the time of publication.
"This product will eliminate a lot of difficulties and challenges you see today," Zhou stated, emphasizing that users will have the capability to deposit fiat currency directly from their banking 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."
This is a developing story, and further information will be added as it becomes available.