Bybit Banking Services Set to Launch, Redefining the Crypto–Banking Divide
Bybit is not just a crypto exchange, as it plans to build a physical office in Dubai. Bybit banking services for retail users to be rolled out in February. The company is making an attempt to inject traditional banking services directly on the platform.
My Bank powered by Bybit was announced last Thursday during a live keynote online presentation, marking the exchange’s most ambitious expansion yet.
What Users Would Get From Bybit Banking Services
Bybit’s CEO Ben Zhou said that users will receive personal IBAN accounts, facilitating their ability to send and receive money across banks in different currencies. US dollars will be supported at launch, and more currencies will be added later.
After completing the Know Your Customer (KYC) verification, the users will be able to:
- Transfer in and out of fiat
- Salary will be deposited directly to their account
- Settle dues and daily expenses
- Trade cryptocurrencies under your own legal name
This Bybit account will include all of the above features, which essentially merges banking and crypto with a single UI.
Also Read : Ripple–Riyad Bank Blockchain Collaboration Marks a Major Step for Saudi Arabia
Bybit Collaborates With Banks to Enhance Its Retail Banking Efforts
To assist in launching Bybit banking services, the exchange is working with established firms. Bybit has confirmed partnerships with Qatar National Bank (QNB) and DMZ Finance, with the latter already collaborating with the exchange on tokenized assets initiatives since September 2025.
As per a report by Bloomberg, Bybit is also collaborating with Pave Bank, which is a licensed digital bank from Georgia, Eastern Europe.
The service is expected to support transfers in as many as 18 currencies, but availability will depend on regulatory approvals in various regions.
After a Bumpy Year, a Strategic Re-Think
About a year after a $1.4 billion attack on the exchange, the platform pushes into banking, a positive market signal. The firm is apparently doubling down on advancing long-term financial infrastructure and user trust instead of backing down.
As Zhou remarked, direct fiat transfers are much simpler, and this product will eliminate many hurdles that crypto users face today.
According to the bank, it’s just putting the money into your account. You may use the money to purchase a car, take care of the rent, and other daily expenses which are frictionless.
Bybit Banking Services Could Change the Customer Experience
Users of cryptocurrency have struggled with slow, expensive, and complex fiat on/offramps for a long time. They usually hire third-party providers to transfer funds between exchanges and banks.
By providing built-in banking accounts, Bybit intends to resolve those issues that cause delays, costs, and compliance.
Nonetheless, the move raises a bigger question: Can crypto-native companies operate within traditional banking regulations?
Proof of Concept for Crypto Firms Integrating Into Traditional Finance
Banks have steadily added crypto services, but the reverse – crypto platforms becoming banking – has not been tried extensively.
Bybit banking services, if successful, may show the way for digital asset firms to up their ante and emerge as regulated financial institutions. People should note if it is not the case.
Regardless, Bybit’s banking launch represents a critical inflection point for not only the exchange, but also the future convergence of cryptocurrency and finance.
