Is Bybit a legal cryptocurrency exchange platform in the United States?

Bybit operates as a cryptocurrency exchange platform offering trading services for various digital assets, including Bitcoin and Ethereum. However, as of the current understanding, Bybit is not registered with the Commodity Futures Trading Commission (CFTC) nor the Securities and Exchange Commission (SEC) in the United States. As a result, it does not offer its services to US residents due to regulatory reasons. The legal framework governing cryptocurrency exchanges in the United States requires these entities to comply with specific financial regulations to prevent issues such as money laundering and to provide consumer protections. Bybit has faced scrutiny and regulatory challenges which enforce that it must exclude US customers from using its services unless it obtains the proper licenses and approvals from relevant US regulatory bodies. Users from the United States attempting to access Bybit may be blocked or restricted, based on their geographical location and adherence to local laws.