Crypto News: Bybit to Offer Retail Bank Accounts With Personal IBANs in Feb

Bybit said users gained access after completing Know Your Customer verification. The company said customers could deposit fiat, pay bills, and receive salaries. Bybit also said users could trade crypto under their own name.

That pitch put compliance workflow at the center of the product. Bybit said identity checks triggered immediate account access. The company did not disclose eligibility details beyond the verification step.

Banking Partners And Licenses Shaped The Rollout Plan

Bybit said it collaborated with Qatar National Bank on the rollout. The exchange also cited DMZ Finance as another partner. Bybit said it previously partnered with DMZ Finance in Sept. 2025 on tokenized assets.

Bloomberg reported that Bybit also worked with Pave Bank in Georgia. The report said Pave Bank operated as a licensed startup lender. Bybit did not confirm those details in its quoted statement.

Partner reliance highlighted the products dependence on regulated intermediaries. Bybit said the service remained subject to regulatory approvals. That qualifier suggested approvals could shape which users received access first.

Bybit My Bank Targeted Multi-Currency Transfers And Fiat Utility

Bybit said the service would support transfers across banks in multiple currencies. The company said it expected support for up to 18 currencies. Bybit did not list the full currency set in its announcement.

The company described instant fiat access as a core feature. Bybit also said customers could transfer money in multiple currencies. The announcement tied those features to everyday payments and salary flows.

Bybits claims positioned it closer to fintech functionality than brokerage tools. Still, the plan depended on banking rails and approvals. Bybit did not provide a public timeline for each currency launch.

Hack Overhang Tested Trust In New Bybit My Bank Products

Bybit expanded beyond trading about a year after the reported hack. The company described the incident as a $1.4 billion hack in its narrative. That context mattered because banking products raised the stakes of trust.

A retail account with an International Bank Account Number raised expectations on reliability. Users would likely treat bill payments and salaries as mission-critical activities. Bybit did not address risk controls in the shared excerpt.

The company also did not disclose how it separated custody for fiat balances. Bybit did not specify deposit protections or dispute mechanisms. Those gaps left readers dependent on partner bank frameworks.

Outlook Focused On February Timelines And Approval Gates

Bybit said the Bybit My Bank launch started in February. The company anchored early support on the U.S. dollar. Bybit also said it expected up to 18 currencies, pending approvals.

Near term, the products first test involved onboarding speed after verification. Bybit said users gained immediate access after Know Your Customer checks. Regulators and partner banks likely dictated how fast that promise scaled.