Phemex is a high-performance cryptocurrency exchange offering 365 x 24 availability, processing 300,000 transactions per second with a focus on security. Founded by ex-Morgan Stanley executives, Phemex features a professional team with decades of Wall Street experience, ensuring a secure and efficient trading experience.

Phemex welcomes users from numerous countries, but some jurisdictions are restricted due to regulatory considerations.

 

Phemex Restricted & Banned Countries

Phemex restricts or bans countries based on three conditions: regional restrictions by regulatory compliance on spot and contract trading, OTC restrictions by region, and fiat deposit restrictions by region.

 

Phemex Spot and Contract Trading Services – Regional Restriction by Regulatory Compliance

Phemex restricts access to its services for residents, nationals, or agents of certain regions listed below. Users intending to transact with any restricted territories or individuals on sanctions lists maintained by the United States, the United Kingdom, or the European Union are also prohibited from using Phemex services.

Restricted countries:

• United States of America
• United Kingdom
• Ontario (Canada)
• Québec (Canada)
• Alberta (Canada)
• Saskatchewan (Canada)
• Afghanistan
• Abkhazia
• Belarus
• Bermuda
• Belgium
• Central African Republic
• China
• Cuba
• Crimea
• Democratic Republic of the Congo
• Ethiopia
• Hong Kong
• Iraq
• Iran
• Lebanon
• Libya
• Mali
• Myanmar
• Nicaragua
• North Korea
• Palestine
• Republic of Seychelles
• Russia
• Sahrawi Arab Democratic Republic
• Somalia
• South Sudan
• Sevastopol
• South Korea
• Sudan
• Syria
• Venezuela
• Yemen

 

Phemex OTC Restriction by Regional Laws and Regulations

OTC trading may be restricted in certain regions. The Phemex OTC Service is subject to various regional laws and regulations. As such, it is only supported in certain regions. Please reference below for supported countries/regions:

• Eritrea
• Ethiopia
• Fiji
• Gabon
• Gambia
• Ghana
• Guatemala
• Guinea
• Guinea-Bissau
• Haiti
• Honduras
• Iceland
• Indonesia
• Iran
• Iraq
• Kenya
• Korea, North
• Kosovo
• Kuwait
• Laos
• Latvia
• Lebanon
• Lesotho
• Liberia
• Libya
• Macao Sar, China
• Macedonia
• Madagascar
• Maldives
• Mali
• Marshall Islands
• Mauritania
• Mexico
• Mongolia
• Montenegro
• Mozambique
• Myanmar
• Namibia
• Nepal
• Nicaragua
• Niger
• Nigeria
• Pakistan
• Palestinian Territories-West Bank/Gaza
• Panama
• Papua New Guinea
• Paraguay
• Philippines
• Qatar
• Russia
• Rwanda
• Sao Tome And Principe
• Saudi Arabia
• Serbia
• Sierra Leone
• Singapore
• Somalia
• South Sudan
• Sri Lanka
• Sudan (North)
• Suriname
• Swaziland
• Switzerland
• Syria
• Tajikistan
• Tanzania
• Thailand
• Togo
• Tonga
• Trinidad and Tobago
• Tunisia
• Turkey
• Turkmenistan
• Uganda
• Ukraine
• United Arab Emirates
• Uzbekistan
• Vanuatu
• Venezuela
• Vietnam
• Virgin Islands (U.K.)
• Yemen
• Zambia
• Zimbabwe

 

Phemex Fiat Deposit Restriction by Region

Fiat deposits are restricted in certain regions on Phemex. Users are advised to refer to the list of supported countries and restricted countries to ensure compliance with regulations.

Restricted countries:

• Afghanistan
• Aland Islands
• Albania
• Algeria
• Andorra
• Angola
• Anguilla
• Antigua and Barbuda
• Armenia
• Aruba
• Azerbaijan
• Bahamas
• Bahrain
• Bangladesh
• Barbados
• Belarus
• Belize
• Benin
• Bosnia-Herzegovina
• Botswana
• Burkina Faso
• Burundi
• Cambodia
• Cameroon
• Cape Verde
• Central African Republic
• Chad
• Comoros
• Congo (Brazzaville)
• Congo, Dem. Rep.
• Cote D’Ivoire
• Crimea Region of Ukraine
• Croatia
• Cuba
• Curacao
• Donetsk People’s Republic of Ukraine
• Djibouti
• Dominican Republic
• Ecuador
• Egypt
• El Salvador
• Equatorial Guinea
• Eritrea
• Ethiopia
• Gabon
• Ghana
• Guinea
• Guinea-Bissau
• Guyana
• Haiti
• Honduras
• India
• Indonesia
• Iran
• Iraq
• Israel
• Jamaica
• Jordan
• Kenya
• Kherson oblast of Ukraine
• Korea, North
• Kosovo
• Kyrgyzstan
• Laos
• Lebanon
• Lesotho
• Liberia
• Libya
• Madagascar
• Maldives
• Mali
• Malta
• Mauritania
• Mauritius
• Mayotte
• Mozambique
• Myanmar
• Nepal
• Niger
• Nigeria
• North Macedonia
• North Mariana Islands
• Oman
• Pakistan
• Palestinian Territories-West Bank/Gaza
• Panama
• Papua New Guinea
• Paraguay
• Philippines
• Pitcairn
• Qatar
• Rwanda
• Sao Tome And Principe
• Saudi Arabia
• Senegal
• Serbia
• Sevastopol of Ukraine
• Sierra Leone
• Somalia
• South Sudan
• Sudan, North
• Suriname
• Swaziland
• Syria
• Tajikistan
• Togo
• Tonga
• Trinidad and Tobago
• Tunisia
• Turkey
• Turkmenistan
• Turks and Caicos Islands
• Tuvalu
• Uganda
• Ukraine
• United Arab Emirates
• Uzbekistan
• Venezuela
• Vietnam
• Yemen
• Zaporizhzhia oblast of Ukraine
• Zimbabwe

 

Is Phemex available in the US?

Phemex is unavailable in the United States, the United Kingdom, or Ontario, Canada, due to regulatory restrictions. The platform restricts access for residents, nationals, or agents of certain regions, including the United States of America. Users intending to transact with any restricted territories or individuals on sanctions lists maintained by the United States, the United Kingdom, or the European Union are also prohibited from using Phemex services.

 

Can Phemex Be Accessed via VPN?

Yes, Phemex can be accessed using a VPN. However, users accessing Phemex via VPN must have completed the Know Your Customer (KYC) process to unlock most features on the Phemex platform.

 

Phemex Alternatives

For alternatives to Phemex, users may consider BTCC or BYDFi. BTCC is a crypto futures trading platform offering a broad range of features suitable for both beginners and experienced traders. With crypto licenses in the US, Canada, and Europe, BTCC ensures regulatory compliance.

BYDFi is another suitable option for US customers, providing a licensed platform for trading. For more details on these alternatives, check out our detailed reviews by following the links in this section.

 

Phemex Supported Countries

Phemex welcomes users from a wide range of countries, with some regions potentially accepted for spot and contract trading services but not permitted for OTC and Fiat withdrawals. The platform reserves the right to update its list of restricted locations without prior notice, so users should regularly check for update to the Phemex Terms of use Article 36.

For the most current information on supported countries for fiat deposits and OTC services, please refer to Countries where Phemex supports fiat deposits, and Countries where Phemex OTC Services are supported

 

Bottom Line

In summary, Phemex is a cryptocurrency exchange that welcomes users from many countries but restricts access for regulatory reasons. While it strives towards a secure and efficient trading experience, users should check the list of supported and restricted countries to ensure compliance with regulations.

 

FAQ

Is Phemex available in the US?

No, Phemex is unavailable in the United States due to regulatory restrictions. Users can find more details under Article 36 of the Phemex term of use page.

Is Phemex available in Canada?

Phemex is unavailable in Ontario, Quebec, Alberta, and Saskatchewan, Canada, because of regulatory constraints.

Is Phemex available in the UK?

No, Phemex is unavailable in the United Kingdom following regulatory restrictions.

Does Phemex require KYC?

Yes, Phemex requires users to complete the Know Your Customer (KYC) process to unlock most features on the platform, including varying fiat withdrawal limits based on their verification status. Users with Current Verification have a daily withdrawal limit of $50.00K, those with Basic Verification have a limit of $100.00K, and users with Advanced Verification enjoy an extended limit of $2.00M.