# Phemex

> Source: https://fuckyc.org/services/phemex/
> Website: https://phemex.com/
> Categories: CEX (no/threshold KYC)
> KYC: tiered — Historically permitted limited trading and withdrawals without identity verification at low tiers. KYC asks scale with volume and product.
> Status: degraded
> Jurisdiction: Singapore (operator-disclosed)
> Fiat on-ramp: no
> Payment methods: crypto
> Founded: 2019
> Open source: no
> Custodial: yes
> Last verified: 2026-05-12

## Verdict

Phemex is a mid-tier CEX with historically tiered KYC. The January 2025 incident and operator response are the binding recent context. Treat as a liquidity venue with a shrinking no-KYC tier — not a privacy primitive.

## Strengths

- Derivatives and spot in one operator.
- Historically low-friction signup without identity at low tiers.

## Caveats

- January 2025 hot-wallet exploit (~$73M reported) is the most material recent incident.
- Tier limits have tightened across 2024-2025; current threshold is operator-controlled and worth re-verifying.
- U.S. users geofenced.
- Facts need re-verification by operator (last seeded 2026-05).

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## What Phemex is

A Singapore-based derivatives and spot exchange with tiered-KYC enforcement.

## Threat-model fit

Liquidity venue; review the 2025 incident before depositing.

## Sources

- [Phemex blog](https://phemex.com/blogs) — accessed 2026-05-12
- [Phemex support](https://phemex.com/support) — accessed 2026-05-12