--- title: "Phemex puts 82 tokens on notice over liquidity and project compliance concerns" url: https://thecoingazette.com/phemex-puts-82-tokens-on-notice-over-liquidity-and-project-compliance-concerns/ date: 2026-08-31 modified: 2026-08-31 lang: en author: "Coin Gazette Editorial" description: "Phemex placed 82 unique USDT spot pairs under Special Treatment on Aug. 31, requiring users to pass a mandatory Risk Cognizance Test before trading them. The restriction took effect at..." categories: - "Adoption" - "etc" - "ethereum classic" - "Exchanges" - "Featured" - "Phemex" - "Synthetix" - "Tether" - "Tezos" - "Trading" - "USDT" - "XTZ" word_count: 475 --- # Phemex puts 82 tokens on notice over liquidity and project compliance concerns Phemex placed 82 unique USDT spot pairs under Special Treatment on Aug. 31, requiring users to pass a mandatory Risk Cognizance Test before trading them. The restriction took effect at 10:00 UTC and applies to established assets including ETC, XTZ, SNX, YFI, NEXO, AXS, USDe and TUSD. The exchange announced the move in separate [43-pair](https://phemex.com/announcements/phemex-will-move-43-spot-trading-pairs-to-the-special-treatment-on-august-31) and [40-entry](https://phemex.com/announcements/phemex-will-move-40-spot-trading-pairs-to-the-special-treatment-on-august-31) notices. Together, the pages contain 83 entries, but MAGIC/USDT appears twice in the second notice, leaving 82 distinct markets. [![Infographic explaining Phemex](https://cryptoslate.com/wp-content/uploads/2026/08/exec-c5df9a0e-3a6a-4e23-ad8d-0ae5d87c8e86.png)](https://cryptoslate.com/wp-content/uploads/2026/08/exec-c5df9a0e-3a6a-4e23-ad8d-0ae5d87c8e86.png)Infographic showing Phemex’s Special Treatment review of 82 USDT spot pairs, including risk criteria, affected pairs, and possible delisting. ## The 82 pairs under review The first notice lists SHELL/USDT, PORTO/USDT, ANKR/USDT, SPELL/USDT, OPEN/USDT, CVC/USDT, DOLO/USDT, AIN/USDT, KERNEL/USDT, ORDER/USDT, TURTLE/USDT, GIGA/USDT, KAT/USDT, ZKP/USDT, DOOD/USDT, NS/USDT, WCT/USDT, TKO/USDT, FIDA/USDT, ZBCN/USDT, 1000SATS/USDT, RED/USDT, ALLO/USDT, TFUEL/USDT, GWEI/USDT, 2Z/USDT, SIREN/USDT, RAVE/USDT, HEI/USDT, BANK/USDT, Q/USDT, TST/USDT, BLUAI/USDT, PHA/USDT, [AXS](https://cryptoslate.com/coins/axie-infinity/)/USDT, [NEXO](https://cryptoslate.com/coins/nexo/)/USDT, MMT/USDT, COTI/USDT, KSM/USDT, ALICE/USDT, SLP/USDT, POPCAT/USDT, and C98/USDT. The second notice has 40 entries but 39 unique pairs: GNS/USDT, API3/USDT, [YFI](https://cryptoslate.com/coins/yearn-finance/)/USDT, MEME/USDT, CFX/USDT, ID/USDT, REZ/USDT, ACT/USDT, ZK/USDT, MAGIC/USDT, CYBER/USDT, MASK/USDT, HMSTR/USDT, CATI/USDT, DOGS/USDT, ME/USDT, AUDIO/USDT, G/USDT, METIS/USDT, [XTZ](https://cryptoslate.com/coins/tezos/)/USDT, [ETC](https://cryptoslate.com/coins/ethereum-classic/)/USDT, PORTAL/USDT, XAI/USDT, [SNX](https://cryptoslate.com/coins/synthetix-network-token/)/USDT, BANANA/USDT, JOE/USDT, [USDE](https://cryptoslate.com/coins/ethena-usde/)/USDT, 1000000BABYDOGE/USDT, GMT/USDT, [TUSD](https://cryptoslate.com/coins/true-usd/)/USDT, DIA/USDT, SOLV/USDT, RPL/USDT, 1000CHEEMS/USDT, B2/USDT, ZEUS/USDT, B3/USDT, WET/USDT, and STO/USDT. MAGIC/[USDT](https://cryptoslate.com/coins/tether/) is the repeated entry. [ Related Reading ### Bitfinex gives users 14 days to withdraw 13 delisted tokens or face fees and uncertain recovery ** ](https://cryptoslate.com/bitfinex-gives-users-14-days-to-withdraw-13-delisted-tokens-or-face-fees-and-uncertain-recovery/) Phemex said each pair triggered one or more of three reason categories: persistently low volume and insufficient liquidity, a project team's failure to provide a valid response to requests for operational updates, or missed critical whitepaper milestones without a reasonable public explanation. The notices do not say which reason applies to which pair, so the designation does not show that every project triggered all three. The exchange's published [Special Treatment rules](https://phemex.com/announcements/special-treatment-st-rules-for-phemex) are broader. A project is classified as low-liquidity if it meets three of four tests: a bid-ask spread above 0.5%, subject to a tick-size adjustment, average daily pair volume below 30,000 USDT for three consecutive months, no trades for 120 consecutive minutes outside a technical issue, or market capitalization below 3 million USDT for three consecutive months. A separate potential-risk classification needs only one listed condition. Those include a technical or security breach, failure to update or disclose project information, possible legal or regulatory violations, negative public reports, market misconduct, a high-risk assessment by Phemex's internal teams, or another situation the exchange considers risky. Users must pass the Risk Cognizance Test before trading a pair affected by Special Treatment. Phemex said it will continue reviewing the projects and may remove the tag if conditions improve or delist a token later if they deteriorate. The notices set no withdrawal deadline. Holders were told to monitor Phemex announcements and evaluate the risks while the observation period continues. The post [Phemex puts 82 tokens on notice over liquidity and project compliance concerns](https://cryptoslate.com/phemex-puts-82-tokens-on-notice-over-liquidity-and-project-compliance-concerns/) appeared first on [CryptoSlate](https://cryptoslate.com/).