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 violate our Terms of Use, we will suspend bad actors to create a safe environment for the rest of our users. Phemex shall have the right to take all necessary measures which Phemex considers proper to suspend or even to ban bad actors.
The following are the reasons (for example only, not exhaustive) for why your account may have been suspended or banned:
1. Abuse of the System
Any of the following actions intended to abuse our system will result in immediate suspension or ban: batch account registration, profiting from market manipulation, self-trading, wash trades, or abnormal transactions. Your account will be banned if we detect any deceptive or dishonest behavior.
2. Hacked or Compromised Accounts
Unfortunately, some types of malware or viruses may grant hackers access and control over your Phemex account. If our security team suspects that your account has been targeted, we will suspend your account as a preventative measure.
3. Fraudulent KYC (Identity Verification)
We only accept users to register using their own identification information. Using other people’s/entity’s identification information or using false or forged identification information to register is strictly prohibited and will result in such an account being suspended by Phemex. We do not support account impersonations and strictly prohibit the selling/buying of accounts.
4. Abnormal Account Activities
Please note that being identified as an abnormal account does not necessarily lead to the suspension or ban of the account. The platform may only limit the specific functions of the relevant account, but all actions taken against abnormal accounts will be based on the platform's complete discretion and shall be considered as proper.
For 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), please refer to: https://phemex.com/help-center/how-is-the-risk-control-system-of-phemex-working
5. Market Manipulation
Phemex strictly prohibits any form of insider trading or attempt to manipulate the market. Such actions violate our terms of service and will result in account closure.
6. Money Laundering and Terrorist Finance
Phemex reserves the right to suspend or ban any account suspected of violating the anti-money laundering and counter-terrorist finance regulations and policies.
7. Law Enforcement Requests
In the event of a legal request from a law enforcement agency to aid their investigation, your account may be temporarily suspended per the law enforcement request.
8. Other Violations of Our Terms of Use
In addition to the above points, any direct or indirect violation of our Terms of Use may result in suspending your account by Phemex.
9. Refuse to Cooperate after Phemex’s Suspection
If we suspect that your account is relevant to any behavior in points 1 to 8, Phemex shall have the right to ask you to provide relevant materials to cooperate with the investigation while you shall be responsible to cooperate with the investigation. If you refuse to cooperate after receiving our investigation notice, Phemex shall have the right to suspend your account for the purpose of protecting other users. And any losses incurred hereafter shall be responsible by yourself.
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
