Bybit, one of the world’s biggest crypto exchanges by trading volume, plans to launch retail banking services on its platform starting in February, the company said Thursday.
Bybit unveiled the product, “My Bank powered by Bybit,” during a live online keynote on Thursday.
Bybit CEO Ben Zhou said the service will offer users a personal IBAN (international bank account number), allowing them to send and receive funds across banks in multiple currencies, with US dollar transfers supported at launch.
The move marks Bybit’s latest effort to expand beyond crypto trading, coming about a year after it was hit by a $1.4 billion hack.
Bybit is working with banks to support the banking rollout
Bybit said users will gain access to their personal bank accounts immediately after completing Know Your Customer (KYC) verification, allowing them to deposit fiat currency, pay bills, receive salaries and trade crypto — all under their own name.
Bybit said it is collaborating with several banking partners, including Qatar National Bank (QNB) and DMZ Finance, with which it partnered in September 2025 on tokenized asset initiatives.
Bybit CEO Ben Zhou announced the company’s plan to launch banking services in a keynote on Thursday. Source: BybitAccording to Bloomberg, the company is also working with startup lender Pave Bank, licensed in the Eastern European country of Georgia.
The service is expected to support transfers in as many as 18 currencies, though it remains subject to regulatory approvals.
Cointelegraph reached out to Bybit for further comment on the new banking services but had not received a response at the time of publication.
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“This product will eliminate a lot of difficulties and challenges you see today,” Zhou said, noting that users will be able to deposit fiat directly from their bank accounts. He added:
With the planned launch of banking accounts as early as next month, Bybit appears to be making a push to address longstanding frictions faced by crypto users. Fiat deposits and withdrawals typically rely on third-party on- and off-ramps that bridge exchanges and traditional banks, often adding cost, delay and complexity.
While many traditional finance institutions have moved into crypto services, it remains an open question whether crypto-native firms like Bybit can successfully make the reverse transition into banking within regulatory guardrails.
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Source: https://cointelegraph.com/news/bybit-plan-retail-banking-mybank-february-2025?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
