Bybit to Launch Retail Banking Services With Personal IBANs

TheNewsCryptoPublished on 2026-01-29Last updated on 2026-01-29

Abstract

Bybit, a major Dubai-based cryptocurrency exchange, has announced plans to launch retail banking services in February. The new offering, called "My Bank powered by Bybit," will provide users with personal IBANs, enabling them to send and receive funds in multiple currencies, starting with US dollars. This initiative marks Bybit's expansion beyond crypto trading, following a significant hack the previous year. Users can access these banking features after completing KYC verification, allowing them to deposit fiat, pay bills, receive salaries, and trade crypto. The exchange is collaborating with banking partners like Qatar National Bank and DMZ Finance, and is also working with Georgia-licensed Pave Bank. The service is expected to support transfers in approximately 18 currencies, pending regulatory approvals.

Bybit, the Dubai-based crypto exchange by trading volume, has planned to roll out retail banking services on its platform, initiating in February, the company mentioned on January 29.

At the time of a live online keynote, Bybit also revealed a product named “My Bank powered by Bybit”. The chief executive officer of the exchange, Ben Zhou, mentioned the service will offer users a personal IBAN, permitting them to send as well as receive funds over banks in different currencies, initiating with the US dollar transfers at the time of rollout.

The move shows the recent effort of Bybit to widen apart from crypto trading, coming after around a year of being hit by a $1.4 billion hack. Bybit mentioned that the users will have access to their personal bank accounts as soon as they complete their KYC verification.

After having the access, the users can deposit fiat currency, pay bills, receive salaries and trade crypto, all with their own name. The exchange also revealed that it is partnering with various banking partners, consisting of Qatar National Bank (QNB) and DMZ Finance, with which it collaborated last year on tokenised asset initiatives.

Reducing Challenges and Difficulties

As per Bloomberg, the firm is also operating with startup lender Pave Bank, licensed in the Eastern European country of Georgia. The service is anticipated to back transfers in around 18 currencies, although it is liable to regulatory approvals.

However, the exchange has not officially commented on the matter. The CEO also mentioned that this product will reduce many difficulties and challenges you face today. He further added that users will be able to deposit fiat directly from their bank accounts.

And to the bank, they are normally doing a transfer to your own bank account. You can even use this to purchase a car, pay for an apartment and things like that without hassle.

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Related Questions

QWhat new service is Bybit planning to launch in February?

ABybit is planning to launch retail banking services, including a product called 'My Bank powered by Bybit', which will offer users personal IBANs.

QWhich banking partners has Bybit collaborated with for this initiative?

ABybit has partnered with Qatar National Bank (QNB) and DMZ Finance, and is also working with the startup lender Pave Bank.

QWhat functionality will users have access to after completing KYC verification?

AAfter completing KYC verification, users will have access to personal bank accounts where they can deposit fiat currency, pay bills, receive salaries, and trade crypto.

QHow many currencies is the new service expected to support for transfers?

AThe service is anticipated to support transfers in around 18 currencies, subject to regulatory approvals.

QWhat significant event impacted Bybit prior to this expansion into banking services?

ABybit was hit by a $1.4 billion hack approximately a year prior to this expansion effort.

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