Global cryptocurrency exchange Bybit has announced plans to launch retail banking services in February, marking a significant step beyond its core trading business. The new product, called “My Bank powered by Bybit”, will allow users to open personal bank accounts with individual IBANs, enabling seamless interaction between traditional finance and crypto services.
Personal IBANs and Fiat Access
According to the announcement users who complete Know Your Customer (KYC) verification will receive instant access to a personal IBAN under their own name. This will allow customers to send and receive fiat payments, deposit funds, pay bills, receive salaries, and trade cryptocurrencies directly from the same account. At launch, U.S. dollar transfers will be supported, with plans to expand into up to 18 currencies, subject to regulatory approval.
Banking Partnerships and Strategy
To support the rollout, Bybit is collaborating with established banking partners, including Qatar National Bank (QNB) and DMZ Finance, following earlier cooperation on tokenized asset initiatives. The exchange is also reportedly working with a licensed European digital bank, strengthening its compliance framework.
Bybit says the service is designed to remove friction between banks and crypto platforms, allowing users to move funds as if they were using a traditional bank account. The launch reflects a broader industry trend toward integrated crypto-banking solutions, as exchanges seek to offer regulated, user-friendly financial services alongside digital asset trading.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.