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Special Treatment Rules on Phemex

To promote responsible development of the blockchain industry, create a healthy digital asset environment, and protect the rights and interests of our users, Phemex continuously monitors the performance of each listed project.

The “Special Treatment” (“ST”) mechanism is widely used by crypto exchanges for projects at risk of being delisted, designating them as being under mandatory review over a specified period.  Phemex will be implementing a “Special Treatment (ST)” mechanism to certain listed projects on the spot market in accordance with our ST rules in order to alert users about the risk of trading such tokens.

If the project meets one of these below criteria, Phemex is entitled to tag the project with the “ST” (Special Treatment) symbol or to delist the project directly.

  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 a ‘Potential Risk’ project
    • 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 situation that Phemex deems risky for its users or the platform.


  1. Phemex will review the performance of all listed projects monthly. Once we find projects that meet the ST criteria, Phemex will inform the projects via methods including but not limited to instant communication, email, public notice, and official announcements.
  2. Once designated as “Special Treatment” by Phemex, the project’s ticker symbol will have a special designation during a specific observation period. Special Treatment is a warning of potential delisting. The ST Project shall be subject to close observation and scrutiny during the observation period.
  3. Phemex may delist the ST Project if the Project fails to meet basic liquidity requirements by the end of the observation period. Conversely, if basic liquidity improves and exceeds the requirement threshold by the end of the observation period, the ST ticker symbol will be removed.
  4. During the observation period, Phemex may decide to delist the ST Project without notice if it determines that the ST Project has failed to take necessary steps to rectify the Negative Situation. Phemex reserves the right, in its sole discretion and without prior notice, to immediately delist the ST Project if the Exchange determines that the circumstances require it.
  5. Upon being delisted by Phemex, any trading or deposit of the project token will be suspended. A new approval and listing procedure shall be carried out if the delisted Project wants to be listed on Phemex again. Phemex reserves the right to modify any term of these Rules without prior notice. If you have any inquiries, please get in touch with the account manager.
  6. Phemex reserves the right to update the ST rules from time to time and the right of final interpretation..

Happy trading!

The Phemex Team

Last Updated: 2023.02

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