Bybit Rolls Out Retail Bank Accounts With Personal IBANs

Bybit, one of the world’s largest crypto exchanges by trading volume, is expanding into everyday banking services with a new product that will roll out to users in February. The initiative, branded “My Bank powered by Bybit,” will give clients a personal IBAN and the ability to move money across banks in multiple currencies, beginning with the U.S. dollar. CEO Ben Zhou emphasized that the feature is designed to smooth the path between crypto trading and regular financial services, effectively creating a bridge for fiat deposits, bill payments, salary payments, and crypto trading all under a single Bybit account. The move comes as the platform seeks to diversify revenue streams and deepen user engagement beyond crypto spot and derivatives markets. It also comes in the wake of a major security incident the previous year, when Bybit disclosed a cyberattack that compromised user data and trust, underscoring the need for stronger rails and compliance in a rapidly evolving landscape.

Key takeaways

• Bybit will launch retail banking services in February under the product name My Bank powered by Bybit, starting with personal IBANs for users.
• The service enables fiat deposits and cross-border transfers, with multi-currency support planned up to 18 currencies, subject to regulatory approvals.
• Bybit is partnering with established banks, including Qatar National Bank (QNB) and DMZ Finance, as part of the rollout, and has ties to Pave Bank in Georgia through broader tokenized-asset initiatives.
• Access to the new banking rails will require Know Your Customer (KYC) verification, aligning Bybit’s fiat-on-ramp with standard regulatory practices.
• The bank-like product is framed as a way to remove friction—allowing users to pay bills, receive salaries, and even purchase large-ticket items using funds deposited from their own bank accounts.

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Market context: Bybit’s pivot toward retail banking comes as exchanges across the crypto industry seek to expand fiat rails and offer more-integrated experiences for users, amid ongoing regulatory scrutiny and a push for clearer licensing in multiple jurisdictions. The trend toward bank-like functionality reflects a broader effort to convert crypto platforms into more holistic financial service providers, a development being watched by traders, institutions, and regulators alike.

Sentiment: Neutral

Price impact: Neutral. The news centers on product expansion and regulatory considerations rather than immediate pricing catalysts.

Trading idea (Not Financial Advice): Hold. The strategic shift could broaden user engagement but faces regulatory hurdles and execution risk as it scales overseas.

Market context: The introduction of fiat-on-ramp and bank-style accounts aligns with wider market efforts to stabilize crypto-ecosystem liquidity and improve user onboarding, particularly as institutions increasingly evaluate compliance, licensing, and consumer protections in digital-asset services.

Why it matters

For Bybit, the launch reframes the platform from a predominantly crypto-centric exchange to a hybrid financial service provider that can handle more of a user’s daily money flows. With a personal IBAN and the ability to deposit fiat directly from a bank, users can expect a more seamless experience when converting salary and day-to-day income into crypto or paying bills with digital funds. Bybit’s leadership has framed the product as removing friction that has historically constrained users—such as the need to navigate separate fiat and crypto accounts—thereby potentially driving higher user retention and increased transaction throughput on the platform.

The banking collaboration underscores a broader industry shift toward regulated, bank-friendly rails. Partners like Qatar National Bank (QNB) and DMZ Finance are positioned to provide credible infrastructure, essential for onboarding with compliance standards that can withstand regulatory scrutiny in multiple jurisdictions. The tie to Pave Bank in Georgia signals a willingness to explore licensing and capabilities in new regions, aligning with a pattern of exchanges expanding into licensed financial services to attract both retail and institutional users. This evolution matters for builders and investors who monitor how on-ramps, custody, and cross-border payments interact with evolving crypto regulation and capital market access.

From a risk and resilience standpoint, Bybit’s objective to offer a direct fiat channel could help diversify revenue streams and reduce reliance on trading fees alone. Yet it also concentrates risk around banking partnerships and regulatory approvals. The company’s public acknowledgment of the prior hack adds an explicit reminder that secure, well-audited cash rails are a prerequisite for scaling consumer banking features within crypto ecosystems. As regulators increasingly scrutinize stablecoins, payment rails, and crypto-licensing, the success of Bybit’s banking initiative will hinge on airtight compliance programs, robust cybersecurity, and transparent consumer protections.

In the broader crypto market, this move mirrors similar efforts by peers to blend traditional finance with digital-asset platforms. A growing cohort of exchanges has started offering more integrated financial services, signaling a shift in the market architecture where crypto venues function less like niche exchanges and more like full-service financial ecosystems. As liquidity and risk sentiment evolve in 2026, the ability to offer real-world banking features could become a differentiator for platforms seeking sustainable, compliant growth and wider mainstream adoption.

What to watch next

• Regulatory approvals: Monitor which jurisdictions grant licenses or waivers for Bybit’s banking services and any required capital or compliance conditions.
• February rollout: Track the exact launch date, onboarding flow, and initial currency support (with expected expansion to up to 18 currencies).
• Banking partnerships: Follow updates from QNB, DMZ Finance, and Pave Bank regarding integration milestones, KYC checks, and cross-border capabilities.
• User uptake: Look for early adoption metrics, including the share of Bybit users who activate fiat accounts and the frequency of fiat-to-crypto or fiat-to-bill-pay transactions.
• Security and resilience: Expect continued transparency around security measures post-hack and independent audits of the new rails to bolster user confidence.

Sources & verification

• Bybit’s live keynote and product announcement detailing “My Bank powered by Bybit” and the features of the new banking service.
• Bloomberg coverage describing Bybit’s banking ambitions and the involvement of the QNB group and related partners.
• PR Newswire release outlining Bybit’s collaboration with QNB Group and DMZ Finance for tokenized assets and broader access to digital assets.
• Cointelegraph reporting on Bybit’s past security incident and the company’s ongoing expansion beyond crypto trading.

Bybit expands into retail banking with My Bank powered by Bybit

Bybit’s new retail banking proposition centers on giving users a personal IBAN, enabling seamless cross-border fiat transfers and a direct path between bank accounts and crypto trading. After KYC verification, users can deposit fiat, pay bills, and receive salaries—actions that Bybit frames as straightforward transfers to a customer’s own bank account. The company’s leadership emphasizes that the banking rails will operate behind the scenes as standard bank transfers, enabling practical, everyday use cases such as buying a car or paying rent without navigating a separate fiat-to-crypto phase for each transaction.

In practice, the product will gradually scale to support a broad set of currencies, coordinating with partner banks to ensure compliance, liquidity, and transactional reliability. While USD is the initial focus, the goal is to broaden the currency footprint to as many as 18 currencies, reflecting Bybit’s ambition to serve a diverse, global user base. The approach relies on established financial institutions to provide the custody and settlement infrastructure that can meet regulatory expectations, reduce settlement times, and improve consumer protections in fiat transfers associated with crypto activities.

Despite the promise, Bybit’s foray into retail banking is not without risk. The industry faces ongoing regulatory dynamics, licensing questions, and the need for rigorous cybersecurity measures to protect fiat rails and customer data. The company’s past public acknowledgement of a major security incident underscores the importance of governance and risk controls as it scales. Yet, for users who want to manage salaries, bills, and everyday payments within a single platform, the new service could significantly cut the friction between traditional finance and digital assets, offering a tangible pathway to mainstream crypto adoption while aligning with broader industry trends toward integrated financial services.