Bybit Expands Beyond Crypto With Personal IBAN Bank Accounts Launching in February

Crypto exchange Bybit is preparing to take a major step beyond digital asset trading with the launch of retail banking services in February. The new product, branded “My Bank powered by Bybit,” is designed to give users personal bank accounts complete with individual IBANs, enabling seamless interaction between traditional finance and crypto under a single platform.

Announced during a live online keynote, the move positions Bybit among a growing group of crypto-native firms attempting to bridge the long-standing gap between fiat banking and digital assets.

Bybit Retail Banking Rollout Brings IBANs and Fiat Access

According to Bybit CEO Ben Zhou, the new My Bank accounts will provide users with personal international bank account numbers, allowing them to send and receive funds across banks in multiple currencies. US dollar transfers will be supported at launch, with additional currencies expected to follow.

Once users complete Know Your Customer verification, they will gain immediate access to their accounts. This will allow them to deposit fiat, receive salaries, pay bills, transfer funds internationally, and trade crypto — all under their own legal name. Bybit said the service could eventually support transfers in up to 18 currencies, subject to regulatory approvals.

The launch comes roughly a year after Bybit suffered a $1.4 billion security breach, making the move into regulated banking services particularly notable. It signals a renewed effort by the exchange to rebuild trust while expanding its product suite beyond pure crypto trading.

Banking Partnerships and the Push Beyond Crypto Trading

To support the rollout, Bybit is working with several established financial institutions. These include Qatar National Bank and DMZ Finance, with which Bybit previously partnered on tokenized asset initiatives. Reports also indicate collaboration with Pave Bank, a licensed lender based in Georgia, as the exchange builds out its banking infrastructure.

By offering integrated bank accounts, Bybit aims to remove common friction points for users, such as reliance on third-party fiat on-ramps and off-ramps that often introduce delays, added fees, and operational complexity.

While traditional banks have increasingly moved into crypto services, Bybit’s expansion highlights the reverse trend: crypto-native companies pushing into regulated banking. Whether exchanges like Bybit can successfully navigate regulatory requirements and compete in the traditional financial system remains an open question, but the February launch marks a significant test of that ambition.

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