Dear Users,

On February 6, 2023, Phemex will be implementing a Special Treatment (ST) feature in order to better protect our users and promote the responsible development of the blockchain industry. Through this feature, a “ST” warning tag will be placed next to ticker symbols of designated projects on the spot market that are deemed to be at risk for delisting, typically due to poor liquidity or other risk factors.

If a listed project meets the criteria listed below, then Phemex is entitled to tag the project with “ST” (Special Treatment) symbol. This means that the project will be carefully reviewed over an observation period, and may be directly delisted by the platform.

1. The project that meets three of the below criteria shall be regarded as having ‘Low Liquidity’
   • If the bid-ask spread in percentage terms is more than 0.5% (If the tick size of the trading pair is less than 0.5%, the percentage terms will be adjusted by Phemex accordingly)
   • If the daily average volume per trading pair of the project is less than 30,000 USDT  for three consecutive months
   • If there are no trades for a consecutive 120 minutes under no circumstance of technical issues
   • The market cap remains below 3,000,000 USDT for three consecutive months (the date will be referred from CoinGecko and CoinMarketCap)
2. The project that meets one of the below criteria shall be regarded as ‘Potential Risk’
   • The project suffers any technical or security breach with its smart contract code or other governance infrastructure
   • The project team fails to update or disclose information about the project, including but not limited to the Project Team’s official website, whitepaper
   • The project is potentially in violation of any of its legal or regulatory obligations
   • The project has any negative news, press releases or social media posts being reported
   • The project carries out market misconduct such as wash trading, market manipulation, or insider trading
   • The project is regarded as high risk according to the audit, legal, risk management, and technical teams within Phemex;
   • Any other situations that Phemex deems risky for its users or the platform.

For more information, check out this detailed explanation of Special Treatment rules on Phemex. These rules may be updated from time to time as market conditions change.

Happy trading!

The Phemex Team