- Bybit plans to launch My Bank in February offering IBAN accounts fiat access and direct crypto conversion tools.
- The service integrates banking partners to enable multi currency transfers while meeting regional compliance rules.
- Bybit expands beyond trading with retail banking custody plans and a regulated approach to global growth markets.
Crypto exchange Bybit has confirmed plans to launch retail banking services on its platform in February. The company revealed the service during a January 29 online keynote.
The product, branded as My Bank, will allow users to manage fiat and crypto under one account. Moreover, the move signals Bybit’s push beyond trading into regulated financial services. The launch places the exchange closer to traditional banking infrastructure.
Retail Banking Launch and Core Features
My Bank will provide users with personal international bank account numbers. These IBANs will enable users to send and receive funds across multiple banks. At launch, the service will support United States dollar transfers. It will also support additional fiat currencies, although the full list remains pending. Users must complete Know Your Customer checks before opening accounts.
After verification, users can deposit fiat directly on the platform. They can also pay bills and receive salaries in their own names. Additionally, users can convert fiat balances into crypto without external on-ramps. This setup reduces reliance on third-party payment processors. Consequently, users gain faster access to funds and simpler transaction flows.
Banking Partners and Regulatory Structure
Bybit has partnered with established financial institutions to support the service. These partners include Qatar National Bank and DMZ Finance. The exchange also works with Pave Bank, a licensed lender in Georgia. These partnerships will support cross-border transfers and account operations. Regulatory approvals will determine final availability by region.
The service may support transfers in up to 18 currencies over time. However, rollout will depend on local banking rules. Bybit designed the product to align with existing compliance frameworks. Therefore, banks will process transfers as standard account movements. This structure aims to reduce friction for users and partner institutions.
Expansion Strategy and Market Positioning
The banking launch follows Bybit’s broader expansion strategy. The exchange continues to strengthen compliance and infrastructure. It also plans to introduce a custody product for institutional clients. This product will support banks and investors involved in tokenized real-world assets. These assets include stocks and property. Mantle recently partnered with Bybit and Backed to bring tokenized U.S. equities on-chain through the new xStocks program.
At the same time, Bybit has ruled out entry into prediction markets. The company cited regulatory complexity in that sector. In October, Bybit obtained a full federal license in the UAE to offer crypto services across the entire country. Meanwhile, Bybit is preparing for a possible United States market entry. The exchange plans to work with a licensed partner to meet local requirements. Discussions with major banks are already underway.
Bybit continues to grow its global footprint through regulated offerings. In November, it launched Kazakhstan’s first regulated peer-to-peer crypto platform. However, it paused new user onboarding in Japan to align with regulatory guidance. These actions reflect a strategy focused on compliance-led expansion.
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