The Paradox is so named (by Cold Steel) because it looks like a balisong, but it's not. I think it's aptly named because it's an answer to a question nobody asked. Assuming its size is within your state/city's (country's?) restrictions, it shouldn't be any legal problem. It might raise the wrong eyebrow or two, but it's demonstrable that it's not a butterfly/gravity knife.
I personally wouldn't want to use the Paradox to "abuse" (or any knife really, but that's beside the point). Balisongs, by their nature, are extremely strong folding knives, possibly the strongest, assuming the construction/materials are up to snuff. There's no "lock" to fail, and any catastrophic failure would require shearing of the pivots or breaking of the handles. However, the Paradox is not built the same way balisongs are built. It's basically a double-handled slipjoint.
It should hold up fine to typical EDC tasks. But don't expect it to do what a balisong might be able to do, and what should be done with a fixed blade. Or an axe.
If you do a search for "paradox" in the balisong forum you'll find a lot of opinions on the knife (including my "broken record" opinion). I've never handled one myself though. I'm lucky, living in AZ, that I can and do own the real thing, and don't have to "settle" with the Paradox.
