Phemex is a high-performance cryptocurrency exchange offering 365 x 24 availability, processing 300,000 transactions per second with a focus on security. Founded by ex-Morgan Stanley executives, Phemex features a professional team with decades of Wall Street experience, ensuring a secure and efficient trading experience.

Phemex welcomes users from numerous countries, but some jurisdictions are restricted due to regulatory considerations.

 

Phemex Restricted & Banned Countries

According to Phemex’s official Terms of Service, the platform limits access in specific regions due to regulatory and compliance requirements. Restrictions vary depending on three factors: spot and contract trading regulations, OTC trading restrictions, and fiat deposit limitations.

Phemex Spot and Contract Trading Services – Regional Restriction by Regulatory Compliance

For spot and contract trading, according to Phemex’s official Terms of Service,, Phemex prohibits access to users who are residents, nationals, or agents of certain restricted regions. Additionally, anyone intending to transact with territories or individuals listed under U.S., U.K., or E.U. sanctions programs is not permitted to use Phemex services.

• United Arab Emirates
• United States of America
• United Kingdom
• Ontario (Canada)
• Québec (Canada)
• Alberta (Canada)
• Saskatchewan (Canada)
• Afghanistan
• Angola
• Burundi
• Central African Republic
• China
• Cuba
• Crimea
• Democratic Republic of the Congo
• Ethiopia
• Eritrea
• Guinea
• Guinea-Bissau
• Haiti
• India
• Iraq
• Iran
• Ivory Coast
• Lebanon
• Liberia
• Libya
• Mali
• Myanmar
• Nicaragua
• North Korea
• Palestine
• Republic of Seychelles
• Rwanda
• Sierra Leone
• Somalia
• South Africa
• South Sudan
• Sudan
• Syria
• Venezuela
• Yemen
• Zimbabwe

 

Phemex OTC Restriction by Regional Laws and Regulations

OTC (Over-the-Counter) trading on Phemex is subject to regional laws and compliance standards. Due to varying financial regulations, OTC services are only available in select jurisdictions where local authorities permit such activities.

• Eritrea
• Ethiopia
• Fiji
• Gabon
• Gambia
• Ghana
• Guatemala
• Guinea
• Guinea-Bissau
• Haiti
• Honduras
• Iceland
• Indonesia
• Iran
• Iraq
• Kenya
• Korea, North
• Kosovo
• Kuwait
• Laos
• Latvia
• Lebanon
• Lesotho
• Liberia
• Libya
• Macao Sar, China
• Macedonia
• Madagascar
• Maldives
• Mali
• Marshall Islands
• Mauritania
• Mexico
• Mongolia
• Montenegro
• Mozambique
• Myanmar
• Namibia
• Nepal
• Nicaragua
• Niger
• Nigeria
• Pakistan
• Palestinian Territories-West Bank/Gaza
• Panama
• Papua New Guinea
• Paraguay
• Philippines
• Qatar
• Russia
• Rwanda
• Sao Tome And Principe
• Saudi Arabia
• Serbia
• Sierra Leone
• Singapore
• Somalia
• South Sudan
• Sri Lanka
• Sudan (North)
• Suriname
• Swaziland
• Switzerland
• Syria
• Tajikistan
• Tanzania
• Thailand
• Togo
• Tonga
• Trinidad and Tobago
• Tunisia
• Turkey
• Turkmenistan
• Uganda
• Ukraine
• United Arab Emirates
• Uzbekistan
• Vanuatu
• Venezuela
• Vietnam
• Virgin Islands (U.K.)
• Yemen
• Zambia
• Zimbabwe

In regions with restrictions, users may not be able to access or complete OTC transactions through Phemex.

Phemex Fiat Deposit Restriction by Region

Fiat deposit services on Phemex are limited in certain regions due to local financial regulations and compliance requirements. Below is the official list of countries and regions where fiat deposits are supported or restricted, as outlined by Phemex.

• Afghanistan
• Belarus
• Bolivia
• Botswana
• Burkina Faso
• Brazil
• Cambodia
• Cameroon
• Canada
• Central African Republic
• Cote d’Ivoire
• Cuba
• Democratic Republic of the Congo
• Ethiopia
• Ghana
• Haiti
• Iran
• Iraq
• Kenya
• Laos
• Lebanon
• Libya
• Mali
• Mozambique
• Myanmar
• Netherlands
• Nicaragua
• Nigeria
• North Korea
• Pakistan
• Palestine
• Poland
• Russia
• Somalia
• South Sudan
• Sri Lanka
• Sudan
• Syria
• Thailand
• Trinidad and Tobago
• Tunisia
• Ukraine
• United Kingdom
• Venezuela
• Yemen
• Zimbabwe

 

Phemex Supported Countries

Phemex serves users across a large number of regions worldwide, offering access to spot, contract, and OTC trading depending on local regulations. While the exchange covers most major markets, service availability may vary by country.

Phemex also reserves the right to modify or update its list of supported and restricted regions at any time in accordance with changes to regulatory requirements. Users are encouraged to review the platform’s Terms of Use for the most up-to-date information.

 

Is Phemex available in the US?

No, Phemex is not available in the United States. The platform restricts access to all U.S. residents and entities due to regulatory requirements. Phemex also prohibits transactions with regions or individuals listed under U.S. sanctions programs, ensuring full compliance with international financial regulations.

 

Can Phemex Be Accessed via VPN?

Yes, Phemex can be accessed using a VPN.
That said, using a VPN to bypass regional restrictions is not recommended. It can violate Phemex’s Terms of Service, which may lead to suspended accounts or frozen withdrawals. A VPN also does not change your legal residency, so local laws still apply, and most core features require completing KYC anyway.

If Phemex is unavailable where you live, it is safer to use a platform that supports your country. You can explore our list of no KYC exchanges to find accessible alternatives with similar trading tools.

 

Phemex Alternatives

If Phemex isn’t available in your region, you still have a few strong options that deliver a similar mix of performance and usability. For traders in the United States, BYDFi stands out as a reliable substitute. It’s a registered exchange that welcomes U.S. users, offering transparent trading conditions, smooth execution, and a platform that feels intuitive even for newcomers. Whether you trade occasionally or actively, BYDFi gives you the confidence of a regulated environment without unnecessary restrictions.

BTCC is another great choice, known for its established reputation, deep liquidity, and focus on crypto futures. It offers low trading fees and a stable environment suitable for both beginners and professionals.

 

Bottom Line

For some traders, Phemex remains fully accessible, offering a clean interface, strong security, and fast trading execution. If that’s you, it’s worth exploring the platform in more detail through our complete Phemex review to understand its tools and fee structure better.

If Phemex isn’t available in your country, you still have plenty of great choices. Check out our list of the best Phemex alternatives to find a trusted platform that suits your trading preferences and regional availability.

 

FAQs

1. Is Phemex available in the US?

The exchange restricts access to all U.S. residents and entities due to regulatory requirements. Users in the U.S. cannot register, trade, or complete KYC verification on the Phemex platform.

 

2. Is Phemex available in Canada?

No, Phemex is not fully available in Canada for all services. While some features like spot trading may still be accessible, fiat deposits and withdrawals are restricted for Canadian residents.

 

3. Is Phemex available in the UK?

No, Phemex is not officially available in the United Kingdom. According to multiple reviews, UK residents face access restrictions due to regulatory compliance.

 

4. Does Phemex require KYC?

Yes, Phemex requires users to complete the Know Your Customer (KYC) process to unlock most features on the platform, including varying fiat withdrawal limits based on their verification status. Users with Current Verification have a daily withdrawal limit of $50.00K, those with Basic Verification have a limit of $100.00K, and users with Advanced Verification enjoy an extended limit of $2.00M.