Is Bybit Crypto Exchange legal in USA?

Is Bybit Exchange Legal in USA?

Bybit is a cryptocurrency exchange platform. You can trade either buy or sell cryptocurrencies using Bybit. It was founded by Ben Zhou in 2018 in Singapore. It has its headquarters located in Dubai, UAE since April 2022, earlier its headquarters was located in the British Virgin Islands. It has its offices across Taiwan and Hong Kong targeting Asian Markets. Bybit is specialized in Derivatives (a product deriving its value from an underlying asset) This platform offers three derivative assets that include inverse perpetual contracts, inverse future contracts, and linear perpetual contracts. Through derivatives, users can have the right to buy or sell cryptocurrencies that are supported in Bybit at particular prices in the future. Additionally, users can open long and short positions that will leverage their position through derivatives without owning the underlying asset. Using derivatives can help users to capitalize on volatile and unpredictable crypto price swings, either in bullish or bearish market conditions.

Users can engage in spot trading, where various cryptocurrencies are supported, for example, BITCOIN (BTC), ETHEREUM (ETH), DOGECOIN (DOGE), USDT, etc. The users can also explore NFT, Defi, metaverse, and much more.

Bybit has recently added the support for NFT (NON FUNGIBLE TOKENS) this includes five collections – Monster Galaxy, Mobland, 3space Art, ONBD, and Tap Fantasy. Users can buy and sell these NFTs using supported cryptocurrencies like Ethereum (ETH), USDT, etc.

Is Bybit available in the USA?

The answer is NO, Bybit Cryptocurrency Exchange is not available in the United States of America.

Why is Bybit not legal in the USA?

Bybit objective was to expand its platform all across the globe, however, it is restricted in the United States of America by the government of the USA. From the very beginning we all know that the USA never supported the idea of Cryptocurrencies, every state puts harsh restrictions and regulations on the use of cryptocurrencies. Bybit was not completely restricted from USA by the Government, but later the team decided not to operate within the geographical boundaries of the USA. They most probably did that to avoid any future conflicts or issues. The Bybit is an unregulated cryptocurrency exchange platform that does not meet up with norms set by the Government of the United States of America.

However, people still in the USA use VPNs to fake their location and use Bybit, the Bybit owns the right to terminate the accounts of people in the USA who are illegally using their services. The American IP Address has been blocked by Bybit.

Other countries that have banned the access to Bybit include :

  • Crimea
  • Cuba
  • Singapore
  • Iran
  • Syria
  • Sudan
  • China

Even though Bybit is illegal, platforms like Coinbase, Binance, and FTX still can be accessed by the citizens of the United States of America have few regulations to use.

How to access Bybit in the USA?

The Bybit is illegal in the United States of America, so the the the residents of USA should access it at their own risk.

Even though it is not possible to access the Bybit, residents use VPNs to pass this blockade.

What is a VPN?

 VPN is an abbreviation for the virtual private network. In simple language, you can use VPN to privately surf the internet. Using a VPN keeps your identity anonymous and untraceable on the web. After you enable a VPN, nobody can keep a trace of what you do on the web, it doesn’t save any tracks or traces. So using a VPN, you can access the services that are not available or banned in your area. You can fake your location, change your IP addresses, and then you can use the services that are not available within your geographical boundary but are available on the other.

How do VPNs work?

The question that may arise in your mind might be is it safe or is legal? It’s actually legal to use a VPN and many people use VPNs. When you enable the VPN the pathway to your IP Address gets anonymous and secure. You shift to an encrypted IP Address rather than your actual IP address. The VPN encrypts the information and sends it to the VPN server where it decrypts it and then sends it back through a secure pathway. In this way, your identity and usage over the web stay anonymous and secure.

How to use VPN?

There are a ton of VPN services available in the market that you can acquire. The listing below the top 3 most used VPNs:

  • Proton VPN
  • Nord VPN
  • TunnelBear VPN

These VPN service providers enable flawless use of VPN with less advertisement and a securer network.

You can use these VPNs to change your IP address to a proxy IP address that will allow you to access the Bybit easily from any corner of the USA.

Setting up VPN

  • Select any VPN provider.
  • Download their app from the PlayStore or Apple Store on your phone or access their website to download it to your laptop.
  • Choose a plan (prices and offers differ from platform to platform)
  • Sign up with your account.
  • Verify the account (process differs from platform to platform)
  • Browse through the list of countries and select the country you wish. (In this case, choose the country where Bybit is available)
  • Activate the VPN.

Now, after you activate the VPN you can securely browse the web.

How to use Bybit?

Now, your identity has been secured. You can access Bybit even when you are a resident of the USA.

  • Visit the Bybit website (make sure you’re connected to VPN)
  • Register on the website.
  • Enter your email address (use a valid email address)
  • Secure it with a unique password.
  • Log in with your account.
  • Bybit requires verification, they’ll send an email verification. Accept it through your email app.

Now, you can use your Bybit for trading your crypto assets. You can deposit them and also participate in spot trading.

How to disable your VPN?

When you want to disable your VPN, you can disable it in the same way you enabled it initially. Just tap on the same button and it will be disabled. And now you’ll be back to your real IP Address.

Concluding, if you want to trade through Bybit and you’re a resident of the USA you can easily trade through the use of a VPN. However, one should remember that if something is illegal, it would be illegal even when you use it through VPN. So, one should use it at their own risk.

Bybit is one of the most transparent trading platforms. Offering leverage trading with flexible adjustment of leverage. So, one can trade through it availing all the nice features.