Blab Crypto
Phemex Places 82 USDT Spot Pairs Under Special Treatment, Requiring Risk Test
On 31 August 2026, Phemex— the global cryptocurrency exchange— announced that 82 USDT‑denominated spot trading pairs would be shifted into its Special Treatment (ST) regime. The change took effect at 10:00 UTC and applies to a mix of well‑known tokens, including Ethereum Classic (ETC), Tezos (XTZ), Synthetix (SNX), Yearn Finance (YFI), Nexo (NEXO), Axie Infinity (AXS), USDe and TrueUSD (TUSD). Traders who wish to trade any of the affected pairs must now complete a mandatory Risk Cognizance Test.
The ST designation is not a delisting. Phemex said it will continue to monitor the projects and may remove the tag if conditions improve, or, if conditions deteriorate, may eventually delist a token. No withdrawal deadline was set; holders were advised to keep an eye on future announcements.
The exchange issued two separate notices that together list 83 entries, but because MAGIC/USDT appears twice, the total number of distinct markets is 82. The first notice contains 43 pairs, including SHELL/USDT, PORTO/USDT, ANKR/USDT, SPELL/USDT, and AXS/USDT. The second notice lists 40 entries, of which 39 are unique; it includes GNS/USDT, API3/USDT, YFI/USDT, MEME/USDT, and XTZ/USDT. The notices do not specify which reason applies to each pair.
Phemex identified three broad categories that triggered the ST status: persistently low volume and insufficient liquidity; a project team’s failure to provide a valid response to requests for operational updates; and missed critical white‑paper milestones without a reasonable public explanation. The exchange’s published criteria for low liquidity require that a pair meet at least three of four tests: a bid‑ask spread above 0.5 % (adjusted for tick size), an average daily volume below 30 000 USDT for three consecutive months, no trades for 120 consecutive minutes outside a technical issue, or a market capitalization below 3 million USDT for three consecutive months.
A separate potential‑risk classification requires only one condition, such as a technical or security breach, failure to update or disclose project information, possible legal or regulatory violations, negative public reports, market misconduct, a high‑risk assessment by Phemex’s internal teams, or another situation the exchange deems risky.
Because the ST regime imposes a risk test, traders must confirm their understanding of the risks before placing orders on any of the 82 pairs. Phemex’s Risk Cognizance Test is a short questionnaire that evaluates a user’s familiarity with the specific risks associated with low‑liquidity or potentially non‑compliant projects.
The move follows earlier ST actions by Phemex. In mid‑August, the exchange moved 20 spot pairs to Special Treatment, and on 14 August it announced a follow‑up measure that would require the same risk test for those pairs. The 82‑pair update expands the scope of the review to a broader set of tokens, many of which have been active on the platform for several years.
Phemex’s decision reflects a broader industry trend of exchanges tightening oversight on projects with weak liquidity or compliance gaps. By requiring a risk test, the exchange aims to protect traders from potential losses that can arise when a token’s market depth is shallow or when a project fails to meet regulatory or operational expectations.
At present, the exchange has not indicated any immediate plans to delist the affected pairs. Instead, it will continue to review the projects and may lift the ST designation if conditions improve. Conversely, if a project’s situation worsens, the exchange reserves the right to remove the pair from trading entirely.
Traders who hold the affected tokens should monitor Phemex’s announcements for any changes to the ST status or for updates on the projects’ compliance and liquidity metrics. The exchange’s public notices provide the most reliable source of information about the current status of each pair.
In summary, Phemex’s 82‑pair Special Treatment update signals a heightened focus on liquidity and project compliance. The mandatory risk test is designed to ensure that users are aware of the specific risks associated with each pair before they trade. The exchange will continue to evaluate the projects and may adjust the status of the pairs in the future, either by lifting the Special Treatment designation or, if necessary, by delisting the tokens.
The ST designation is not a delisting. Phemex said it will continue to monitor the projects and may remove the tag if conditions improve, or, if conditions deteriorate, may eventually delist a token. No withdrawal deadline was set; holders were advised to keep an eye on future announcements.
The exchange issued two separate notices that together list 83 entries, but because MAGIC/USDT appears twice, the total number of distinct markets is 82. The first notice contains 43 pairs, including SHELL/USDT, PORTO/USDT, ANKR/USDT, SPELL/USDT, and AXS/USDT. The second notice lists 40 entries, of which 39 are unique; it includes GNS/USDT, API3/USDT, YFI/USDT, MEME/USDT, and XTZ/USDT. The notices do not specify which reason applies to each pair.
Phemex identified three broad categories that triggered the ST status: persistently low volume and insufficient liquidity; a project team’s failure to provide a valid response to requests for operational updates; and missed critical white‑paper milestones without a reasonable public explanation. The exchange’s published criteria for low liquidity require that a pair meet at least three of four tests: a bid‑ask spread above 0.5 % (adjusted for tick size), an average daily volume below 30 000 USDT for three consecutive months, no trades for 120 consecutive minutes outside a technical issue, or a market capitalization below 3 million USDT for three consecutive months.
A separate potential‑risk classification requires only one condition, such as a technical or security breach, failure to update or disclose project information, possible legal or regulatory violations, negative public reports, market misconduct, a high‑risk assessment by Phemex’s internal teams, or another situation the exchange deems risky.
Because the ST regime imposes a risk test, traders must confirm their understanding of the risks before placing orders on any of the 82 pairs. Phemex’s Risk Cognizance Test is a short questionnaire that evaluates a user’s familiarity with the specific risks associated with low‑liquidity or potentially non‑compliant projects.
The move follows earlier ST actions by Phemex. In mid‑August, the exchange moved 20 spot pairs to Special Treatment, and on 14 August it announced a follow‑up measure that would require the same risk test for those pairs. The 82‑pair update expands the scope of the review to a broader set of tokens, many of which have been active on the platform for several years.
Phemex’s decision reflects a broader industry trend of exchanges tightening oversight on projects with weak liquidity or compliance gaps. By requiring a risk test, the exchange aims to protect traders from potential losses that can arise when a token’s market depth is shallow or when a project fails to meet regulatory or operational expectations.
At present, the exchange has not indicated any immediate plans to delist the affected pairs. Instead, it will continue to review the projects and may lift the ST designation if conditions improve. Conversely, if a project’s situation worsens, the exchange reserves the right to remove the pair from trading entirely.
Traders who hold the affected tokens should monitor Phemex’s announcements for any changes to the ST status or for updates on the projects’ compliance and liquidity metrics. The exchange’s public notices provide the most reliable source of information about the current status of each pair.
In summary, Phemex’s 82‑pair Special Treatment update signals a heightened focus on liquidity and project compliance. The mandatory risk test is designed to ensure that users are aware of the specific risks associated with each pair before they trade. The exchange will continue to evaluate the projects and may adjust the status of the pairs in the future, either by lifting the Special Treatment designation or, if necessary, by delisting the tokens.
