Why is Bybit banned?

Could you please elaborate on why Bybit has been banned? I'm genuinely curious to understand the reasons behind this decision. It seems to be a platform that offers cryptocurrency derivative trading, yet it's facing some regulatory challenges. Is it due to its operations not adhering to certain financial regulations? Or is it because of the nature of the services it provides? Could you also explain how this ban might affect the cryptocurrency market and the investors who were using Bybit's services? It would be helpful to gain a deeper understanding of this situation.