As one of the most efficient crypto trading and investment platforms in the industry, Phemex provides a secure and versatile method to invest in and trade cryptocurrencies.
However, when accounts have been detected as abnormal by the risk control system of Phemex, the user shall be responsible to cooperate with the investigation conveyed by the platform. And Phemex shall have the right to make the decision whether the account is an abnormal account based on the platform’s sole discretion and take proper measure on such an account.
The following are the conditions for why your account may been deemed to be abnormal and the measures may be taken by Phemex (for example only, not exhaustive):
1. Refuse to Cooperate
If the user explicitly refuses or does not actively cooperate with the completion of the platform risk control requirements for further verification, the platform will have the right to directly determine that this account is abnormal, including but not limited to raising the user’s risk level, directly freezing the accounts of such users and related accounts until the risk control evidence provided by the user has passed the risk control review of the platform.
2. High-risk Asset Transfers
When the user is verified by the platform’s risk control to be suspected of fraud (or attempted fraud), withdraw virtual assets to various high-risk platforms (including but not limited to: Ponzi fraud platform, online gambling platform, suspected money laundering fraud platform or other low-risk control capability platform) or other high-risk asset transfers.The platform will have the right to choose to directly freeze or restrict Fiat transactions, withdrawals of such users and related accounts, and even disable all account permissions as appropriate.
3. Illegally Use of Account
The account is not used by the beneficiary or illegally bought digital assets for others: when the user is verified by the platform’s risk control system that the account is sold, loaned, or leased for use by others, or there is an act of illegally buying digital assets for others.The platform will have the right to choose to directly freeze or restrict Fiat transactions, withdrawals of such users and related accounts, and even disable all account permissions as appropriate.
4. Money Laundering and Terrorist Financing
Users verified as money laundering or terrorist financing: When the user is detected by the risk control system/staff, the user directly participates in or assists in criminal activities such as money laundering or terrorist financing. The platform will directly and permanently restrict all functions of such users’ accounts and related accounts.
5. Request from Legal Enforcement Agencies (“LEA”)
When the user’s account is requested to be frozen by the judicial institution or LEA, the platform will strictly freeze user accounts in accordance with the judicial or official governmental document. When the freeze period expires, the judiciary or LEA needs to present a renewal document to continue to freeze. During the freezing period, the user’s application to the platform for unfreezing is invalid, please contact the freezing organization for coordination.
Please note that during the period when the relevant account is frozen by judicial authorities or LEA, users will not be able to retrieve the right to use/control the relevant account. The platform will restrict some functions of such users’ accounts and related accounts as appropriate.
6. Use Scripts or Plugins
Accounts that use scripts or plugins to simulate web-side trading will be suspended or banned—using applications that allow users to acquire an unfair competitive advantage while trading is prohibited. However, please note that API trading is still allowed.
The original intention of our platform’s conversion tools is to facilitate users trading. However, if they are maliciously exploited, it will violate our regulations and result in account suspension.
This document is an extension and supplement to the Terms of Use and is intended to help users better understand the contents of the Terms of Use. Phemex reserves the right to modify or amend all policies/documents and make final determinations on our platform at any time. The safety, security, and integrity of our platform and user accounts will always remain our top priority. For more information, please contact our customer service team at support@phemex.zendesk.com
