Bybit announced plans January 29 to launch IBAN-based fiat accounts under the "MyBank" brand in February, subject to regulatory approval.
The Dubai-based exchange aims to offer personal international bank account numbers supporting 18 fiat currencies through partnerships with institutions including Pave Bank, a Georgia-licensed lender.
The move comes eleven months after Bybit suffered the largest cryptocurrency exchange hack in history, losing $1.5 billion to attackers traced to North Korea's Lazarus Group.
What Happened
CEO Ben Zhou outlined MyBank's planned functionality during a live keynote Thursday, describing instant fiat-to-crypto conversions and cross-border payment capabilities.
Users completing Know Your Customer verification would receive IBANs allowing them to deposit salaries, pay bills, and transfer funds across multiple currencies.
The service targets US dollars initially before expanding to additional fiat options. Bybit has partnered with Qatar National Bank and DMZ Finance alongside Pave Bank to support the rollout.
Zhou emphasized that users could conduct everyday transactions including vehicle purchases and rent payments through their MyBank accounts. The February timeline depends entirely on obtaining necessary regulatory approvals.
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Regulatory Hurdles
Bybit operates in over 200 jurisdictions with 81 million users but remains blocked from major Western markets. The exchange cannot serve customers in the United States, United Kingdom, or Japan due to regulatory restrictions.
India's Financial Intelligence Unit fined Bybit $1.06 million in 2023 for money laundering law violations before granting registration in February 2025. Ontario securities regulators extracted $2.5 million from the company in 2022 after finding unregistered operations.
Zhou stated Bybit is "looking into" US market expansion but acknowledged requiring a licensed partner to proceed. The company identified a US public listing as its long-term objective.
Banking services introduce additional compliance burdens beyond cryptocurrency trading. Custody of fiat funds triggers heightened financial authority scrutiny and operational responsibilities that crypto-only platforms avoid.
Post-Hack Expansion
The February 2025 security breach exploited vulnerabilities in Bybit's multi-signature wallet system through compromised infrastructure at third-party provider Safe Wallet. The FBI attributed the attack to North Korean state actors.
Zhou publicly committed to maintaining 1:1 backing of user assets following the incident. The exchange reported $7.1 billion in trading volume by year-end 2025 and ranks fifth among cryptocurrency spot exchanges.
Bybit's banking ambitions reverse the model used by fintech companies like Revolut and Robinhood, which added crypto features after establishing traditional financial services.
The approach tests whether cryptocurrency platforms can successfully expand into regulated banking rather than banks moving into crypto.
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