CEX (no/threshold KYC)

Phemex

Phemex is a mid-tier CEX with historically tiered KYC.

Website

phemex.com

KYC

tiered KYC — Historically permitted limited trading and withdrawals without identity verification at low tiers. KYC asks scale with volume and product.

Status

degraded

Fiat on-ramp

no

Payment

crypto

Jurisdiction

Singapore (operator-disclosed)

Founded

2019

Open source

no

Custodial

yes

Last verified

May 12, 2026

Sources

2

Overview

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).

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.

FAQ

Does Phemex require KYC?

Phemex uses a tiered approach: identity is required above certain thresholds. Historically permitted limited trading and withdrawals without identity verification at low tiers. KYC asks scale with volume and product.

What payment methods does Phemex accept?

Phemex accepts: crypto.

Where is Phemex based?

Operating jurisdiction listed as Singapore (operator-disclosed). This is best-known information; corporate structure can be opaque.

Sources

1. Phemex blog · accessed May 12, 2026
2. Phemex support · accessed May 12, 2026

Alternatives to Phemex

• BingX tiered kyc · Singapore
• BloFin tiered kyc · Cayman
• Bybit tiered kyc · Dubai
• BTSE tiered kyc · British
• CoinEx tiered kyc · Hong
• Gate.io tiered kyc · Cayman

Entry last verified May 12, 2026. Notice an error? Send it via the contact form.