Phemex is a crypto derivatives exchange founded in 2019 in Singapore by Jack Tao, a former executive from Morgan Stanley. The platform has grown to become one of the top 10 global exchanges in 2022, with a daily peak trading volume of more than $12 billion. While Phemex claims to be a regulated exchange with the highest value on regulatory compliance, the Canadian regulator OSC is currently taking action against Phemex. We have reviewed Phemex and placed it on our Orange Compliance list.