Bybit is a cryptocurrency exchange that offers spot trading as well as derivatives trading with up to 100x leverage. It is based in Singapore but also has offices in Hong Kong and Taiwan. Bybit was launched in 2018 and currently serves over 10 million users from more than 150 countries around the world.
Is Bybit Legal in the US?
In the US, accessing Bybit is technically prohibited and your IP address will be blocked. Nonetheless, you can still use Bybit by setting up a VPN, as the exchange doesn't impose any KYC or identity verification procedures. If you choose to register on Bybit, be sure to take advantage of our special offer and receive $10 BTC free when you deposit $100 or more. Simply sign up using our referral link here.
How to use Bybit in the US?
By utilizing a VPN to switch your IP address to a supported country such as Australia, accessing Bybit from the US is a simple task. When you sign up to Bybit, no KYC documents or identity verification are required before commencing trading. This means that you can trade on the platform with ease by using a VPN, even while residing in the US.
Why can't I use Bybit in the US?
Cryptocurrency exchanges operating within the US are bound by strict regulations that demand KYC identity verification and compliance with AML (Anti Money Laundering) regulations. Additionally, certain types of crypto trading, such as derivatives trading, are restricted under these regulations. Due to their noncompliance, many major international cryptocurrency exchanges like Bybit opt not to operate in the US. As a result, any attempt to access the site, including registration and trading, from a US IP address will be blocked.
Regulatory Framework for Cryptocurrency Exchanges in the USA
Cryptocurrency exchanges operating within the United States must comply with federal law including anti-money laundering (AML) requirements set forth by FinCEN as well as state laws regarding money transmission services or virtual currency businesses depending on their operations’ scope of activities. Additionally, they may be subject to additional regulatory requirements if they offer margin trading or other derivative products like futures contracts or options trading on their platforms.
Alternative Crypto Exchanges Available in the US
For those who prefer not to use a VPN to access Bybit, an alternative option is to choose a cryptocurrency exchange that is accessible to US residents. MEXC is our recommendation for a similar crypto trading platform that offers an extensive selection of 1,520+ coins, low spot trading fees of 0.0/0.1%, and futures trading fees of 0.0/0.03%. MEXC offers a range of features such as margin trading, copy trading, and staking. By signing up with our referral link, you will receive $30 USDT for free, as well as a 10% discount on all your trading fees.
In conclusion , although Bybit is blocked in the US, it is accessible using a VPN. Alternatively, you can choose a similar crypto exchange like MEXC, which has many of the same features, low fees, and 1,520+ coins available to trade.