VASPCheck
Phemex logo

Phemex

Not licensedNo EU authorizationESMA register

Phemex Ltd

Exchange🇸🇬 Singapore Founded 2019phemex.com
Visit website
Last reviewed
2026-08-01

Compliance snapshot

  • No EU, UK or US exchange authorization disclosed
  • Contracting entity offshore; operations coordinated from Singapore
  • Trustpilot 2.9/5 · 830 reviews
  • January 2025 multi-chain hot-wallet breach of roughly USD 70m
Overall concern
High concern

Derivatives-led offshore venue with no tier-one authorization and a hot-wallet compromise of roughly USD 70m in January 2025.

Regulatory

Licenses & registrations

  • 🇸🇨 Seychelles
    Registered
    VASP registration
    Financial Services Authority SeychellesFSCA
    VASP-SC-2022-0882022-06-23
    Verify at source
  • 🇺🇸 United States
    Registered
    MSB registration
    Financial Crimes Enforcement NetworkFinCEN
    31000-2107-11292021-07-14
    Verify at source
User signals

Reputation

Trustpilot-style score
2.9/ 5
2.9
830 reviews
Declining (12m)
App ratings
App Store
4.0
Google Play
3.5
Press sentiment (12m)
Positive2
Neutral3
Negative5
Media

Recent press

  • 2026-05-06
    Phemex restores full withdrawal serviceNeutral

    CoinDesk — Processing returned to normal after post-incident wallet rebuilds.

  • 2026-02-20
    Derivatives venues face EU marketing limitsNegative

    Reuters — Supervisors restated that unlicensed firms may not solicit residents.

  • 2025-10-21
    Insurance-fund disclosure expandedPositive

    Bloomberg — The venue began publishing insurance-fund balances daily.

  • 2025-06-05
    Post-breach reviews at mid-tier exchangesNeutral

    Financial Times — Security consultants reviewed key-management practices across venues.

  • 2025-01-24
    Phemex hit by large wallet breachNegative

    Reuters — Roughly USD 70m was drained across multiple chains; withdrawals were suspended.

History

Incidents & enforcement

  1. 2025-01-23HackUSD 70,000,000

    Multi-chain hot-wallet compromise; withdrawals were suspended and the venue said customer balances would be restored.

  2. 2026-02-20Enforcement

    Restated public warnings by EU supervisors regarding provision of derivatives without authorization.