Bybit is planning to release a new retail banking service that will allow users operate their personal bank accounts directly on its platform.
The crypto exchange has announced that it will launch a new product called “My Bank powered by Bybit” starting in February. The new service option was announced during a live online keynote on Thursday and it marks a major step in Bybit’s effort to become more like a traditional bank.
According to the CEO Ben Zhou, the new accounts will provide users with personal international bank account numbers (IBANs), enabling them to send and receive local money or fiat across different currencies. At the launch of this new option, users will be able to transfer U.S. dollars, while other fiat currencies are expected to follow.
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Once users successfully complete their Know Your Customer (KYC) verification, they will be able to gain access to their personal accounts. This step will allow them to deposit fiat currency, pay bills, receive salaries under their own name, and also comfortably convert funds directly into cryptocurrency within the exchange platform.
The exchange shared that the new service is designed to close the bridge between traditional banking and crypto trading by combining everyday financial functions with crypto access in one place.
The new offering comes almost a year after the exchange suffered a major security breach that caused the platform to lose about $1.4 billion, highlighting the company’s push to rebuild users’ trust and expand its services beyond just trading crypto.
Bybit Partnerships with Traditional Banks
To support the launch, the exchange is working in partnership with different traditional banks, including the Qatar National Bank (QNB) and DMZ Finance. The exchange previously partnered with these institutions in September 2025 as part of its initiatives around tokenized assets.
Zhou also confirmed that Pave Bank, a startup lender licensed in Georgia, is among the partners enabling the new banking functionality. These collaborations are expected to help Bybit follow the rules involving fiat services while it plans to operate across different jurisdictions.
While Bybit did not disclose the full list of supported currencies at launch, the company said more details would be shared as the product rolls out.
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