Crypto exchange Bybit is blurring the line between digital asset platform and neo-bank, announcing the February launch of “My Bank,” a service providing users with personal International Bank Account Numbers (IBANs). The move, unveiled by CEO Ben Zhou this week, aims to solve the perennial “off-ramp” friction by allowing customers to hold and spend fiat directly from their Bybit interface.
The Utility: Direct Fiat Rails
Set to go live next month, “My Bank” will initially support the US dollar and expand to 18 currencies. Unlike standard exchange wallets that rely on third-party payment processors, this service issues a unique IBAN to each user. This distinction is critical: transfers will appear to traditional banks as movements between a user’s own accounts, rather than deposits to a crypto entity.
“To the bank, they’re simply doing a transfer to your own bank account,” Zhou stated during the announcement. “You can even use this to buy a car, pay for an apartment, and things like that. No hassle.”
The Partners & Context
Bybit is reportedly collaborating with Qatar National Bank (QNB), DMZ Finance, and Georgia-based Pave Bank to facilitate the infrastructure. The inclusion of QNB, a major institutional player, signals a significant push for legitimacy following a turbulent 2025.
This pivot to regulated banking services comes almost exactly one year after the exchange suffered a reported $1.4 billion security breach attributed to the Lazarus Group. By integrating strict KYC protocols—users gain access only after full identity verification—Bybit appears to be vertically integrating to secure both compliance and user stickiness.
Market Reaction
The market response has been muted but positive. Mantle (MNT), the ecosystem’s associated token, held steady at $0.91 (+2.9%), showing resilience but not euphoria. The service remains subject to final regulatory approvals in specific jurisdictions, a hurdle Zhou acknowledged as the team looks toward potential US expansion with licensed partners.
