Author: Nicolas Tang Date: December 31, 2020

Dear Traders, 

Following the news of the SEC’s lawsuit against Ripple Labs, Inc. and the resulting actions by a number of other exchanges, we have decided to suspend XRP from next week.

What does this mean for Phemex users?

On January 4, 2021,  at 3 AM UTC:

• Our XRPUSD perpetual contract will only support Reduce Only orders or the closing of positions.

On January 5, 2021,  at 3 AM UTC:

• All XRPUSD positions will be closed based on Mark Price and all pending orders will be canceled. Contract trading will be suspended after this time.
• All XRP spot trading activities will be suspended.

What are your options?

• You will still have access to the XRP in your wallets and will be able to withdraw or deposit, but not trade.

Please try to close all of your spot and contract orders prior to our automatic suspension.    

For the most up-to-date information please follow us on Twitter.

Please contact support@phemex.zendesk.com if you have any further questions.

Team Phemex