Bybit Announces Retail Banking Service — “My Bank” with Personal IBANs
February 2026 – Bybit, one of the world’s highest‑volume cryptocurrency exchanges, unveiled a new retail‑banking product that will give users a personal International Bank Account Number (IBAN) and enable traditional fiat‑banking functions directly from the exchange platform.
The rollout
During a live keynote on Thursday, Bybit’s chief executive Ben Zhou introduced “My Bank powered by Bybit,” a service slated to go live in February 2026. After completing the standard Know‑Your‑Customer (KYC) verification, users will receive an individual IBAN that can receive and send funds in multiple currencies, beginning with the U.S. dollar. The IBAN will be linked to a personal account under the user’s name, allowing activities such as:
- Depositing fiat directly from a bank account into Bybit
- Paying bills and receiving salaries
- Conducting crypto trades without an intermediate fiat‑to‑crypto step
- Using the account for everyday purchases, e.g., buying a car or paying rent
The service is designed to operate as a “bank‑like” layer on top of the exchange, merging the convenience of digital‑asset trading with the familiarity of traditional banking.
Banking partners and geographic reach
Bybit disclosed collaborations with several financial institutions to support the launch:
| Partner | Role | Notable background |
|---|---|---|
| Qatar National Bank (QNB) | Primary banking partner | First crypto‑exchange partnership with QNB, announced September 2025 |
| DMZ Finance | Tokenised‑asset collaborator | Joint projects on digital‑asset tokenisation |
| Pave Bank | Lending‑platform partner | Licensed in Georgia (Eastern Europe) and focused on fintech lending |
These relationships are intended to provide the necessary banking infrastructure, compliance oversight, and cross‑border settlement capabilities. Bybit has indicated that the platform will ultimately support transfers in up to 18 different fiat currencies, subject to local regulatory approval.
Why the move matters
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Broadening the value proposition – By adding a fiat‑banking layer, Bybit reduces friction for users who previously needed to shuttle funds between external banks and the exchange. This could increase user retention and attract a wider, less‑technical audience.
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Competitive positioning – Several crypto exchanges have trialled banking‑adjacent services, but few offer a personal IBAN to retail users. My Bank puts Bybit ahead of rivals such as Binance and Kraken in terms of integrated fiat capabilities.
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Regulatory signaling – The partnership with established banks suggests that Bybit is seeking a more rigorous compliance framework. After the 2024 $1.4 billion hack that rattled the platform, strengthening ties with regulated financial institutions may help rebuild trust.
- Potential revenue streams – Bybit could monetize the service through account‑maintenance fees, foreign‑exchange spreads, or cross‑selling lending products via its partner Pave Bank.
Risks and open questions
- Regulatory approval – The rollout will depend on the clearance of each jurisdiction where the IBANs are offered. Delays or restrictions could limit the advertised 18‑currency support.
- Security considerations – Integrating fiat banking increases the attack surface. Stakeholders will monitor how Bybit protects both crypto and fiat assets, especially given its recent security breach.
- User adoption – While the IBAN concept is familiar to traditional banking customers, crypto‑savvy users may be hesitant to consolidate fiat and digital‑asset activities under a single provider.
Key takeaways
| Takeaway | Implication |
|---|---|
| Bybit will launch a retail banking product with personal IBANs in February 2026. | Users gain a unified fiat‑crypto hub, potentially driving higher on‑ramp rates. |
| The service starts with USD and aims to expand to 18 currencies. | Multi‑currency support will broaden the platform’s global appeal. |
| Partnerships with QNB, DMZ Finance, and Pave Bank provide banking and lending infrastructure. | Collaborations may accelerate regulatory compliance and service reliability. |
| The move signals a strategic shift beyond pure exchange operations. | Bybit is positioning itself as an integrated financial platform, blurring the line between crypto exchange and neobank. |
Outlook
If the launch proceeds smoothly, Bybit could set a new benchmark for crypto‑exchange banking integration. The success of My Bank will hinge on regulatory clearances, the robustness of its security architecture, and the ability to attract a broader user base that values seamless fiat‑to‑crypto access. Observers will watch closely as the service rolls out, noting whether other exchanges follow suit or adopt alternative models to meet the growing demand for hybrid financial solutions.
Source: https://cointelegraph.com/news/bybit-plan-retail-banking-mybank-february-2025?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
