Phemex Restricted Countries

Phemex restricts users from 43 countries and territories as defined under Section 1.26 of its Terms of Use, primarily due to sanctions, regulatory conflicts, and compliance risk.

Below are the restricted regions:

• North America restrictions: The United States and several Canadian provinces are restricted because strict securities frameworks and derivatives rules hinder compliance.
• United Kingdom compliance block: The UK is prohibited as Phemex must align with FCA licensing standards, consumer-protection rules, and rigorous supervision.
• Middle East limitations: Regions such as the UAE and Palestine are restricted due to licensing gaps, sanctions exposure, and increased regulatory scrutiny.
• Africa high-risk jurisdictions: Countries including Angola, Burundi, Ethiopia, and Zimbabwe are blocked owing to AML vulnerabilities, weak oversight systems, and compliance risk.
• South Asia + India restrictions: India is restricted because evolving crypto rules, tax burdens, and structural uncertainties conflict with Phemex’s obligations.
• East and Southeast Asia prohibitions: China and Myanmar remain prohibited as national bans, instability, and strict capital-control regimes obstruct exchange operations.
• Sanctioned territories cluster: Crimea, Cuba, Iran, North Korea, and Syria are prohibited due to extensive international sanctions frameworks limiting financial services.
• Latin America and Caribbean limits: Nations like Nicaragua, Haiti, and Venezuela face restrictions driven by economic instability, high AML indicators, and regulatory unpredictability.

Phemex Supported Countries

Phemex is available in 150+ supported countries, giving global traders access to futures, spot, and yield-earning products through a fully internationalized platform. Its footprint spans most regions worldwide, excluding only the restricted jurisdictions listed in its Terms of Use.

For fiat access, Phemex supports deposits and withdrawals across major currencies including USD, EUR, CHF, AUD, GBP, and JPY. Users can deposit up to $100M per transaction, benefit from zero deposit fees, and transact through rails like SWIFT, SEPA, and FPS with flexible fee tiers.

Phemex also integrates institutional-grade limits, near-instant crypto purchases, and multi-currency pathways that streamline onboarding for both retail and professional traders. These fiat options help maintain deep liquidity and operational continuity across its global user base.

Phemex Licenses and Regulation

Phemex operates under two confirmed regulatory registrations, including a US FinCEN MSB license and a Lithuanian VASP registration, demonstrating multi-jurisdictional compliance.

Below are the official and missing registrations:

• US FinCEN MSB Registration: Registered as Phemex Ltd under MSB number 31000171217304, covering money transmission, foreign-exchange dealing, and money-order selling activities.
• Lithuanian VASP Registration: Operates as Phemex Lithuania UAB, company code 306047839, authorized to provide virtual-asset services under Lithuanian regulatory oversight.
• Singapore Regulatory Note: Based in Singapore, the company aligns operations with MAS requirements, following local digital-token and compliance standards.
• Ontario Enforcement History: Previously exited Ontario after OSC action determined unlicensed crypto-asset trading activity, resulting in associated penalties and restrictions.
• UK FCA Warning Notice: The UK Financial Conduct Authority lists Phemex as an unauthorised firm, warning that it may be promoting financial services without approval.

Phemex KYC Requirements

Phemex requires KYC identity verification to confirm user identities and meet global BSA/AML standards that protect the platform from fraud and illicit activity. Completing KYC also unlocks essential features such as fiat deposits, withdrawals, promotions, and smoother account recovery when credentials are lost.

Users must submit government-issued documents with a photo, full name, date of birth, and issuance details, using real-time camera capture rather than uploaded files. Verification typically completes within two to five minutes, though users may retry up to five times per day if a submission fails.

Only one Phemex account can be verified per user, and sub-accounts inherit the verification status of the main account for consistent access. Business accounts require manual KYB review by email, including corporate documents, proof of address, beneficial-owner information, and updated compliance records.

List of Phemex Fiat-Restricted Countries

Phemex also prohibits fiat deposits and withdrawals in select jurisdictions where regulatory, banking, or AML constraints prevent compliant fiat-crypto transactions.

Below are the key restricted regions:

• High-risk conflict zones: Afghanistan, Haiti, Libya, Sudan, and Yemen face fiat restrictions due to instability and severe AML-monitoring limitations.
• Sanctioned jurisdictions: Belarus, Cuba, Iran, North Korea, Russia, and Syria are blocked because international sanctions restrict compliant banking access.
• African regulatory-risk countries: Botswana, Cameroon, Ghana, Nigeria, Somalia, and Zimbabwe are restricted due to weak oversight and elevated financial-crime risk.
• Asian high-control economies: Cambodia, Laos, Myanmar, Pakistan, Sri Lanka, and Thailand face limits due to stringent capital controls or unclear crypto regulations.
• European compliance exceptions: The Netherlands, Poland, Ukraine, and the United Kingdom are restricted because of local regulatory conflicts with partner banking rails.
• Latin American instability cluster: Bolivia, Brazil, Nicaragua, Trinidad and Tobago, and Venezuela are blocked due to inflation, banking friction, and inconsistent oversight.
• Central African region: Central African Republic, Cote d’Ivoire, Democratic Republic of the Congo, Mali, and Mozambique face restrictions tied to financial-system fragility.
• Middle East zones: Iraq, Lebanon, Palestine, and Tunisia are restricted because banking-partner risk assessments limit crypto-fiat settlement capability.

Can I Use Phemex in the USA?

Phemex cannot be accessed in the United States because the platform is officially restricted under its global compliance framework. This limitation affects all US residents due to stringent federal rules overseeing crypto exchanges, money transmitters, and digital-asset platforms.

Using a VPN to access Phemex from the United States remains prohibited because jurisdiction checks block unapproved activity. This enforcement ensures compliance with American financial laws, sanctions requirements, and federal consumer-protection standards governing digital asset platforms.

About Phemex

Phemex is a global cryptocurrency exchange founded in 2019 by former Morgan Stanley executives to deliver secure, user-first trading. The platform offers deep liquidity, low fees, and a streamlined experience across spot, futures, copy trading, trading bots, and wealth-management products.

Built for beginners and professionals alike, Phemex provides clear market data, intuitive charting tools, and flexible order types for confident trading decisions. Its security framework includes cold-storage protection, 2FA, anti-phishing settings, and withdrawal whitelists to safeguard user assets.

Serving over 10 million users worldwide, Phemex blends institutional reliability with an accessible interface supporting traders of every level. Guided by a user-first mission, the exchange emphasizes transparency, innovation, and building a more open global financial ecosystem.

Final Thoughts

Looking ahead into 2026 and beyond, Phemex may pursue MiCA authorization to expand European market access and reinforce long-term operational stability.

Phemex could also explore targeted US licensing opportunities, enabling compliant access once federal and state regulatory frameworks mature for cryptocurrency exchanges.

The platform may further grow by launching additional derivatives markets, strengthening liquidity partnerships, and improving automated trading systems for more sophisticated global strategies.