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- Bybit launches IBAN accounts, expanding into fiat and banking services.
- “MyBank” feature enables cross-border fiat transfers, supporting multiple currencies.
- Bybit explores U.S. market expansion with plans for public listing.
Bybit, one of the largest crypto exchanges globally, is set to launch IBAN-based fiat accounts by February. This is a move to shift the platform towards traditional banking services, while also providing users with greater financial flexibility. CEO Ben Zhou stated that soon, Bybit users will be able to store and transfer fiat currencies such as U.S. dollars and pounds, and make cross-border payments, which is a significant step in the platform’s growth.
The new option, called MyBank, will be introduced in collaboration with licensed institutions, such as Pave Bank, a Georgian lender. These balances will be issued using International Bank Account Numbers (IBANs) and used to transfer funds in 18 fiat currencies. First, the platform will be supported in U.S. dollars, and in the future it may be expanded to other currencies. Bybit will also enforce compliance by ensuring that users complete Know Your Customer (KYC) measures administered by Bybit and its banking partners. The release will depend on regulatory approvals.
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A spokesperson for Bybit also explained that users will be able to deposit either crypto or fiat and transfer funds to personal and third-party accounts. The company’s compliance team is also in the process of obtaining regulatory approval for the launch in February.
Bybit’s Strategic Push Beyond Crypto
This is an added value within the broader scope of Bybit, which aims to offer product diversity and explore beyond cryptocurrency trading. With a user base of over 81 million worldwide, the exchange plans to launch additional neobank-inspired services, including payments and asset custody. Zhou highlighted that Bybit is also developing a new institutional custody product targeting banks and large investors that have real-world asset tokenisation.
Moreover, Bybit is looking to expand into the U.S. market, where cooperation with an authorised local partner would need to be considered. The exchange also indicated that it has a long-term ambition to list on the U.S. public markets and has already discussed the matter with major banks to obtain advice on how the company might list.
The developments come after a year of growth and stability for Bybit, which has experienced some challenges, including a high-profile hack by the Lazarus group of North Korea in 2025. Bybit promptly used its treasury and partner funds to replace the stolen assets after the breach, without any customer losses. It also saw the company advance the tokenisation of real-world assets such as gold and U.S. equities, and relaunch its UK platform after a two-year absence.
With the impending introduction of fiat accounts backed by IBANs, Bybit will establish itself as more than just a crypto exchange. This new capability is part of its efforts to add more traditional banking features to its platform and offer an even broader range of financial services to its users.
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