Key Notes
- Bybit is prepared to offer banking services that will allow customers hold balances in US dollars.
- Pave Bank is one of the partners for this initiative.
- Bybit’s latest move suggests a full recovery from its infamous 2025 hack.
Dubai-based cryptocurrency exchange Bybit is set to roll out retail banking services on its platform by February. Dubbed “My Bank powered by Bybit,” this new product will let customers with accounts hold balances in USD as well as other fiat currencies. It plans to achieve this in collaboration with partner banks.
Bybit Recovers from $1.4 Billion Hack
According to a Bloomberg report, Bybit plans to start offering banking services, including the launch of accounts with FX capabilities. Pave Bank, a startup lender licensed in the Eastern European country of Georgia, is one of the partner banks that Bybit will engage in this new initiative.
According to Bybit CEO Ben Zhou, these MyBank accounts will come with an International Bank Account Number (IBAN). This allows customers to transfer up to 18 currencies in and out of the different financial institutions that fall under its partner banks. Users will be granted access to their personal bank accounts after they complete Know Your Customer (KYC) verification.
Upon its completion, they are permitted to deposit fiat currency, pay bills, receive salaries and trade crypto. This will all be done under their name.
The initiative is still waiting to receive regulatory approvals, after which it will go live. This signals the exchange’s recovery from the $1.4 million hack that almost handicapped the firm in 2025. Clearly, Bybit has moved past that unfortunate event and is now expanding its operations without fail.
Bybit Expands Its Operations
In December 2025, Bybit expanded its business to the United Kingdom and re-entered the country to meet the rising demand for crypto platforms. It ensured that its services are compliant with the Financial Conduct Authority (FCA) financial promotion standards.
Bybit is also supported by FCA-authorized firm Archax, which acts as its regulated financial promotion approver in the UK.
Its target users get access to spot trading on 100 pairs and P2P, supported by deep global liquidity and robust operational standards.
A few weeks before its re-entry into the UK, Bybit partnered with stablecoin issuer Circle to expand USDC services across the Bybit stack. They are focused on enhancing USDC liquidity across spot and derivatives markets, extending existing fiat-to-crypto on/off-ramps. The duo will also expand USDC integration throughout Bybit platform services such as Bybit Card, Bybit Earn, and Bybit Savings.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
