Bybit Set to Launch Banking Accounts With IBANs in February

In a major shift, crypto exchange Bybit is planning to expand beyond cryptocurrencies while launching banking-style accounts. The exchange said that this way, its customers will hold balances in the US Dollar and other fiat currencies.

These new accounts will come with International Bank Account Numbers (IBANs). This will allow customers to send and receive funds in 18 countries.

Bybit Moves Into Banking Services With “MyBank”

Dubai-based crypto exchange Bybit said that it will roll out bank accounts in partnership with Georgia-based lender Pave Bank. Company CEO Ben Zhou announced the launch of new bank accounts called “MyBank.”

These accounts will include International Bank Account Numbers (IBANs). The move signals an expansion into more globalized financial services.

This will allow customers to send and receive funds across 18 countries. Following regulatory approvals, the “MyBank” service will go live in February.

This move positions Bybit closer to a neo-bank model, offering a wider suite of financial services. The Dubai-based exchange is adopting a different strategy, unlike its competitors Revolut and Robinhood. This added crypto trading after building banking and brokerage user bases.

Zhou described the launch as a huge update. He emphasized that once your pound or US dollar arrives, you can instantly transfer it to crypto. He highlighted this as a key step toward seamless currency-to-crypto conversion.

Bybit is among the world’s largest crypto exchanges by trading volume, reporting more than 81 million customers globally.

Zhou said the firm operates in over 200 jurisdictions and has partnerships with nearly 2,000 banks. This gives the Dubai-based exchange a major competitive advantage.

How Can Bybit Users Get Access to IBAN Accounts

Crypto exchange Bybit stated that users can access their “MyBank” accounts after passing know-your-customer (KYC) checks. These checks shall be conducted by both the exchange and its banking partners.

The expansion follows a challenging period for the exchange. About a year ago, Bybit suffered a $1.5 billion hack attributed to North Korea.

The firm borrowed funds to cover the shortfall. It deployed treasury reserves strategically. This allowed it to replace about 515,000 tokens, mainly Ether and related derivatives.

The banking push is not Bybit’s first step outside digital assets. The exchange has previously broadened its offering into commodities and equities through Contracts for Difference (CFDs).

However, the latest development will help the exchange move towards its goal of becoming a multi-asset platform.

Expanding to Custody Solutions

Ceo Ben Zhou said that the company is now planning to launch a new custody product aimed at institutional clients.

The service will primarily support banks and large investors involved in tokenizing real-world assets. This includes creating blockchain-based representations of property, equities, or other traditional assets.

While expanding its product suite, Zhou said prediction markets will remain off the table. He cited significant compliance challenges. He noted that these hurdles explain why centralized exchanges have largely avoided launching such products.

Bybit said that it will be closely watching the US market amid the pro-crypto stance by the Trump administration. This comes as other market players are also making similar moves. Earlier this week, Tether launched its own US-focused stablecoin, USAT.

On the other hand, crypto exchange OKX also plans a US entry. Zhou said Bybit has been “looking into” US expansion, but would need to partner with a licensed local entity to proceed.

He also shared that the long-term ambition for the firm is a US IPO. Zhou said the company is becoming increasingly prepared. He confirmed ongoing discussions with major banks. These banks could potentially advise on a future listing.