KEY FACTS: Bybit, the world's second-largest cryptocurrency exchange by trading volume, announced plans to launch "My Bank powered by Bybit," a new retail banking service, in February 2026. The initiative will provide users with personal International Bank Account Numbers (IBANs) after completing KYC verification, enabling instant fiat deposits, multi-currency transfers (starting with US dollars and expanding to up to 18 currencies), bill payments, salary receipts, and seamless integration with crypto trading, all under the user's own name. CEO Ben Zhou highlighted that the service aims to eliminate common challenges in fiat-crypto interactions, such as high fees, delays, and reliance on third-party processors, by allowing transfers to appear as standard bank movements for everyday uses like purchasing cars or apartments. The rollout, subject to regulatory approvals, involves partnerships with institutions including Qatar National Bank (QNB), DMZ Finance, and Pave Bank, positioning Bybit as a comprehensive "new financial platform".
Source: Zodia
Bybit Set to Launch Revolutionary Retail Banking Service 'My Bank' in February 2026
Bybit, one of the world's leading crypto exchanges by trading volume, has announced plans to roll out retail banking accounts under its new "My Bank" initiative starting in February 2026. This development, unveiled during a high-profile live keynote by Bybit CEO Ben Zhou, aims to provide users with personal International Bank Account Numbers (IBANs), enabling effortless fiat deposits, withdrawals, bill payments, and even salary receipts, all while maintaining seamless access to crypto trading functionalities.
Founded in 2018 and headquartered in Dubai, Bybit has rapidly grown into the second-largest crypto exchange globally, boasting over 50 million users and handling billions in daily trading volume. The platform, known for its derivatives trading and spot markets, has faced its share of challenges, including a significant $1.4 billion hack in late 2024 that tested its resilience and recovery capabilities. Despite this setback, Bybit has continued to innovate, partnering with institutional players and expanding its product suite. The "My Bank" launch represents a strategic pivot, positioning Bybit as a "new financial platform" that transcends the traditional exchange model, according to company statements.
"My Bank powered by Bybit" is the provision of dedicated personal bank accounts tied to individual IBANs. For the uninitiated, an IBAN is a standardized international numbering system used to identify bank accounts across borders, facilitating swift and secure cross-currency transfers. Users who complete Know Your Customer (KYC) verification, a standard anti-money laundering process required by most regulated financial platforms, will gain immediate access to these accounts. This setup allows for instant fiat deposits from traditional banks, multi-currency transfers (starting with US dollars and expanding to up to 18 currencies), and direct integration with Bybit's crypto ecosystem. Zhou emphasized during the keynote that this eliminates many of the "difficulties and challenges" crypto users face today, such as relying on third-party payment processors that often impose high fees, delays, and complexity.
Zhou, highlighting the practical applications of the service, stated that banks are to simply do a transfer to a user's own bank account. An account holder can even use this to buy a car, pay for an apartment, and things like that, without hassle. This user-centric approach is particularly targeted at emerging markets, where traditional banking access is limited, transfer speeds are sluggish, and costs are prohibitive. "My Bank" promises faster capital utilization and a "bank-grade experience" for both individuals and businesses, by blending crypto liquidity with banking infrastructure.
The rollout is underpinned by strategic partnerships with established financial institutions. Bybit is collaborating with Qatar National Bank (QNB) and DMZ Finance, entities it previously teamed up with in September 2025 for tokenized asset projects, as well as Pave Bank, a startup lender licensed in Georgia. These alliances are crucial for ensuring compliance and operational reliability, especially as the service awaits final regulatory approvals in various jurisdictions. The initial launch will focus on US dollar accounts, with plans to expand to additional currencies and regions progressively.
This expansion into retail banking is part of Bybit's 2026 vision to evolve into a comprehensive financial infrastructure provider. Beyond "My Bank," the company is developing "ByCustody," an institutional custody framework aimed at high-net-worth clients and enterprises seeking secure storage for digital assets. This dual focus on retail and institutional services underscores Bybit's ambition to capture a larger share of the global financial market, where crypto and traditional finance are increasingly converging. Analysts note that this reverses the typical path seen in fintech, where companies like Revolut and Robinhood started as banks or brokers before adding crypto features.
In 2025, regulatory frameworks worldwide began to solidify, with clearer guidelines on stablecoins, tokenized securities, and fiat-crypto bridges. For instance, recent moves by the U.S. Securities and Exchange Commission (SEC) to acknowledge tokenized securities and coordinate with the Commodity Futures Trading Commission (CFTC) on digital asset oversight signal a more supportive environment. Similarly, innovations like Universal Digital's UAE-registered USD stablecoin highlight the growing acceptance of regulated digital financial products.
Meanwhile, rivals like Binance and Coinbase have dabbled in payment solutions and stablecoin integrations, but Bybit's full-fledged banking accounts with IBANs set a new benchmark. If successful, "My Bank" could alleviate longstanding frictions in fiat-crypto interactions, fostering greater financial inclusion and efficiency. Yet, the true test will lie in execution, regulatory compliance, and user adoption in a post-hack era where trust is paramount.
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