Depends on two things: Your local regulations, and whether it's the double edged version or not.
A double edged blade, even if it folds, could be considered a "dagger/dirk" under many state laws.
As to it's mechanism of action, I have not physically put my hands on one, just seen video. If you can open it just using a fancy twirl with no thumb pressure, it's possible that it could be considered a balisong. Balisongs fall under some state's switchblade definitions (usually mentioned as opening by "centrifugal force"), others they are banned on their own, and some states have no ban against them. If you have to use thumb pressure to open the blade, it may not count as one. In that case, it would be subject to blade length restrictions (if any) of the local jurisdiction.