- Bybit will launch personal banking services, including personal IBANs for multi-currency transfers, starting in February.
- The exchange is partnering with banks like Qatar National Bank (QNB) and DMZ Finance to support the rollout.
- The service allows users to deposit fiat, pay bills, receive salaries, and trade crypto after completing KYC verification.
- This expansion follows a turbulent period for the exchange, which suffered a $1.4 billion hack about a year ago.
One of the world’s largest crypto exchanges, Bybit, announced plans to launch retail banking services in February, marking a significant strategic shift. The product, “My Bank powered by Bybit,” was unveiled during a live online keynote on Thursday by CEO Ben Zhou.
This new 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. Consequently, the move represents Bybit’s latest effort to expand its offerings beyond its core cryptocurrency trading business.
Users will gain immediate access to their personal bank accounts after completing Know Your Customer verification. “This product will eliminate a lot of difficulties and challenges you see today,” Zhou stated, noting the seamless integration with traditional finance.
The CEO 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.” The service is designed for direct fiat deposits, bill payments, salary receipt, and crypto trading under the user’s own name.
Bybit is collaborating with several banking partners to support this rollout, including Qatar National Bank (QNB) and DMZ Finance. The exchange had partnered with these institutions on tokenized asset initiatives in September 2025.
Meanwhile, Bybit is reportedly also working with startup lender Pave Bank, according to Bloomberg. The service is expected to eventually support transfers in up to 18 different currencies, though it remains subject to obtaining final regulatory approvals.
However, this ambitious expansion comes about a year after the exchange was hit by a devastating $1.4 billion hack. The company’s push into banking signifies a major attempt to rebuild and diversify its business model following that significant security incident.
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