ByBit to Launch 'My Bank' Feature for IBAN Fiat-Crypto Transfers in February
Bybit plans to launch retail bank accounts for users who complete Know Your Customer checks. Called "My Bank," the service will provide users with international bank account numbers (IBANs), enabling them to send and receive funds globally in multiple fiat currencies, receive salaries, pay bills, and trade digital assets from a single platform. CEO Ben Zhou says the product targets those who struggle to access digital asset services or are unbanked, offering an alternative to traditional checking accounts that often limit crypto transactions. My Bank aims to simplify money management and is expected to launch in February through partnerships with various banking providers. Bybit currently serves 82 million users in 181 countries, but not in the U.S. or Canada. The announcement follows a major security incident in which $1.4 billion in cryptocurrency was stolen from Bybit, linked to North Korean hackers, though all customer withdrawals were subsequently honored.
