Phemex Implements "Special Treatment" for 82 Trading Pairs

Crypto exchange Phemex has officially placed 82 unique USDT spot trading pairs under a "Special Treatment" designation, a move aimed at enhancing platform security and protecting investors. Effective immediately, this regulatory shift requires users to pass a mandatory Risk Cognizance Test before they can continue trading these specific assets.

A Broad Sweep of the Market

The restriction impacts a wide variety of digital assets, ranging from emerging projects to well-established names such as Ethereum Classic (ETC), Synthetix (SNX), and Tezos (XTZ). The comprehensive list also includes prominent tokens and stablecoins like AXS, NEXO, USDe, and TUSD. By categorizing these markets under "Special Treatment," Phemex is signaling to its user base that these assets currently carry a higher risk profile than standard offerings. Traders must now actively demonstrate their understanding of these volatility and liquidity risks through a formalized assessment before the exchange permits further market activity.

Triggers for Regulatory Action

Phemex’s decision to flag these pairs stems from three primary performance and transparency categories:

• Liquidity Concerns: Assets with persistently low volume, often defined by a daily average below 30,000 USDT or excessive bid-ask spreads.
• Operational Silence: Project teams that failed to provide valid responses to requests for updates or failed to disclose critical information.
• Failed Milestones: Projects that missed whitepaper milestones without offering a reasonable public explanation to their community. The exchange also monitors broader "potential-risk" factors, including security breaches, legal or regulatory violations, and market misconduct.

The Path Forward: Delisting or Recovery

This current designation serves as a formal observation period rather than an immediate ban or removal. Phemex has stated that it will continue to monitor these 82 projects closely to determine their long-term viability on the platform. If a project improves its liquidity, meets its developmental goals, and maintains transparent communication, the "Special Treatment" tag may be removed. However, if conditions continue to deteriorate or the risks remain unaddressed, the exchange warned that these tokens could face eventual delisting. While no withdrawal deadlines have been established yet, holders are encouraged to monitor announcements and evaluate their risk exposure during this period.